FIN 419 Week 1 Summary

FIN 419 Week 1 Summary - This is the summary of the week....

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This is the summary of the week. From LLC’s and LLP’s to portfolio management and analysis. Gitman stated limited liability corporation (LLC) as a corporation that restricts the personal liability of the holder for debts and actions of the LLC. The LLC is responsible of providing its owner the S corps, limited liability and taxation as a joint venture. It is defined as a liability that helps in providing the individual partners the limited liability to make some policies of partnership. Every partner has its own responsibility of his work of negligence and all the partners will have their own limited liability and are not liable for others partners negligence. In an LLC,you can have more than 80% of partners or you can have the individuals who are not the residents of USA can own LLC shares not like an S corp., of a different company, and companies. Whereas, in the LLP it has to give tax being as a partner. The common between LLC and LLP is that there owners are less than 100 and the owners of both enjoy limited liability. Both have similar advantages and disadvantages though the limited liability company (LLC) and a limited liability partnership (LLP) is different from each other. We see that in LLP's there are no business procedures of yearly meetings and notes. When we look upon taxes, the LLP is not an entity with different taxes; In LLP every partner who has paid
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FIN 419 Week 1 Summary - This is the summary of the week....

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