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BusinessEntities - “separate entity” from Partners...

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Memorize! Sole Proprietorship Corporation Partnership Limited Liability Company Formation “At Will” Start & Terminate at Your Own Discretion File documents with the Secretary Of State articles of incorporation And Register in Other Jurisdictions “At Will” Commencement and Termination may be by as little as “actions of the parties” and may be modified by agreement File Documents with the Secretary Of State And Register in Other Jurisdictions Management Autonomous Board of Directors that are elected by shareholders Shared Management; Can vary by agreement Shared Management; Can vary by agreement Liability Unlimited *BUY INSURANCE* Limited to Corp Assets (But PCV) Unlimited *BUY INSURANCE* Limited to the Assets (But PCV) Legal Position / Personality One Entity Separate Entity from the shareholders Some states say
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Unformatted text preview: “separate entity” from Partners Separate Entity from its Members Taxation Single tax Double Tax (tax on the actual corp. and shareholders taxed on dividends) Single Tax that flows through to the partners. Partnership and Partners File a Return Single Tax that flows through to members. LLC and Members File a Return Duration At will or upon death termination Perpetual Termination by agreement, death, or withdrawal May be Perpetual Unilateral Transfer Sell/give away business, but that terminates your interest and transfers that interest to the new owner. Full ownership interest is freely transferable May be varied by Articles or Bylaws Can’t transfer full partnership interest to another party, but can assign value of the partnership to another person Freely transferable – depending upon the state...
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