BusAssoc_Business_Types_Chart2 - Sole Prorprietors hip=SP...

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Sole Prorprietors hip=SP General Partnership= GP Limited Partnership= LP Limited Liability Limited Partnership=L LP (LLLP) Limited Liability Company= LLC C-Corp. S-Corp. Liability Protection None None GP-no LP-yes; always have to have 1 GP Yes, by statute. Yes, by statute. PTCV is being argued here. Yes, but PTCV Yes, but PTCV. Basic Tax Pass through Pass through Pass through Pass through Check the box. Double taxations Pass through Formation Requirem ent Only one owner Agreement between 2 or more persons (should include buy-out and dissolution provision) Certificate of LP is filed with Sec. of St. LP agreement is in writing. Certificate filed with Sec. of St. with yearly renewal. LLLP-just an LP that files an LLP certificate. Articles of Org that gets filed with Sec. of St. Operating Agreement Articles of Incopr. Filed with Sec. of St. Bylaws Shareholders Agreement Annual reports to Sec. of St. on any
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