Different partnerships

Different partnerships - Factors Sole Prop (SP) Unlimite d...

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Factors Sole Prop (SP) General Partnership Limited Partnership (LLP) Limited Liability Company (LLC) S Corp C Corp Personal Liability Unlimite d Liability and can loose assets- GP equally liable unless the agreement Says otherwise Unlimited personal liability of the general partners for the obligations of the business ; limited partners generally have no personal liability Members are not liable for debts accrued by the company or less a member secured the debt w/a personal asset Shareholde rs are not liable for the debts of the company Shareholders are not liable for the debts of the company -No personal liability Pass thru entity Yes Yes Yes Yes Yes No Size One person Two or more person ownership- anybody can be a partner Unlimited number of general and limited partners Most states allow single, but some require 2 or more Up to 75 members- restrictions on who can be one Unlimited Example Mom & pop ice cream shop Land developer Architects, Lawyers, Accountants Real Estate Investment property. Any
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Different partnerships - Factors Sole Prop (SP) Unlimite d...

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