Business Entity Descriptions

Business Entity Descriptions - LEGAL FORMS OF BUSINESS...

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LEGAL FORMS OF BUSINESS ORGANIZATIONS (Chapter 1) DESCRIPTION SOLE PROPRIETORSHIP C CORPORATION GENERAL PARTNERSHIP LIMITED PARTNERSHIP SUB CHAPTER S CORP. LIMITED LIABILITY COMPANY Legal Creation Assumed Name Certificate is filed with the County Clerk where the business is located. File Articles of Incorporation and By- Laws with the Secretary of State in the state which the corporation is located. Can be established by an oral or written General Partnership Agreement. A written, limited partnership agreement is required and must be filed with the Secretary of State in which the Limited Partnership is located. Once the Articles of Incorporation and By-Laws are filed with the Secretary of State in the state in which the C Corporation is located, an S Corporation election is filed with the IRS and subsequent approval by the IRS is required. File Articles of Organization and By-Laws with the Secretary of State the state in which the LLC is located. This type of entity is legally neither a corporation or a partnership. Organizational Costs and Difficulty in Establishing Minimal costs. Easy to establish as long as the chosen assumed name is not currently being used. Both the attorney fees and filing fees can be expensive. Not expensive to
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This note was uploaded on 08/22/2009 for the course FIN 3310 taught by Professor Potts during the Spring '08 term at Baylor.

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Business Entity Descriptions - LEGAL FORMS OF BUSINESS...

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