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.
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