Law School Resources

Case Briefs, Hypos, Class Notes, Outlines, & Analysis

Law School Resources

Business Associations

Form of Business - Corporation has:

1.      Limited liability

2.      Central management

3.      Free transfer of ownership

4.      Continuity of life


Form of Business - Sole proprietorship:

1.      Person owns all assets and individual tax liability


Form of Business - Partnership:

1.      At least 2 people

2.      Little formality to set up


Form of Business - Limited Partnership:

1. Limited Partners- Ptr’s liability is limited to his contribution


Form of Business - Limited Liability company/LLC:

1.      New form of business entity - Limited liability of Corporations and “flow through” tax advantages of Partnership.  Like corporation- must file appropriate documents.  Very flexible type.  May have centralized management if want it.  May have transferability or restricted transferability.