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BUSINESS STRUCTURE Liability Tax Management Transferability Sole Proprietorship unlimited Individual All Partnership General Unlimited Individual All LP (1 limited, 1 general) Mixed Individual Limited – none General – total LLP Limited Individual All LLLP Limited Individual All Corporation C corp Limited Double tax Corp. govern S corp Limited Individual Corp. govern LLC Limited Individual Members choose manager permission - member managed (all have authority) or manager managed (manager has authority) o no fiduciary duty not to compete - corporate governance: s/h directors officers Partnership: 2+ people working together to make a profit
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Unformatted text preview: - intent not required C corp is only structure not treated as individual-double tax S corp ( < 100 shareholders) – taxed like partnership-S corp can have 100 shareholders LLC: articles of organization Corporation: articles of incorporation (charter) Partnership: partnership agreement-not required by law, but without it partnership is under RUPA rules-LLC: operating agreement-Corporation: bylaws owners: -partnership: partners-LLC: members-Corporation: shareholders...
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  • Spring '11
  • Dr.Bjorke
  • Business, Management, Corporation, Types of companies, S Corp, double tax, Corp. govern

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