Forms of Business

Forms of Business - BUSINESS LAW II Forms of Business Forms...

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Unformatted text preview: BUSINESS LAW II Forms of Business Forms of Business Variety of choices for a business enterprise The best choice depends on a variety of variables Ease of creation Tax treatment Potential for liability Transferability Control Continuity No one best choice Forms of Business Sole Proprietorship Partnership Limited Partnership Limited Liability Partnership Corporation Professional Corporation Limited Liability Company Sole Proprietorship Most common form of business A sole proprietorship has only one owner and is an extension of its owner Easy/inexpensive to form Many businesses are sole proprietorship by default Owner starts a business without paying attention to business form Sole Proprietorship Not a legal entity Sole proprietorship cannot sue or be sued Sole proprietor must sue in his/her name Creditors/claimants sue the owner directly Unlimited liability – Debts/judgments are satisfied out of the proprietor’s assets Even if it must be paid out of the proprietor’s non-business assets Sole Proprietorship No life beyond that of the owner...
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Forms of Business - BUSINESS LAW II Forms of Business Forms...

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