Business Organizations Blank Chart(1).docx

Business Organizations Blank Chart(1).docx - Business...

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Business Organizations Overview Considerations Sole Proprietorships Partnerships** Limited Partnerships*** LLCS Corporations Joint Venture Own Entity (Is the business its own entity?) No, it is run by an individual with no distinction between owner and business No, each partner is responsible for debts and liabilities incurred by other partner Yes a limited partnership is a separate legal entity between a managing partner and other partners Yes, LLC is its own tax entity, passing through without distinction to its owners Yes, a corporation is also a separate legal entity. Distinct from ownership No. Without employees or tax liabilities a joint venture usually happens to fulfill a specific contract Creation (dba filing needed in MN [for all forms] if using assumed name) Single person starting a business is defaulted into a Sole proprietorship Same as SP but with multiple owners One or more general partners and one limited partner file for a certificate of LP Filed articles of organization,
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