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Business Entities

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  • 1. Business Entity Formation By: Karyn A. Riley, Esq.
  • 2. Sole Proprietorship Limited Liability Company Limited Partnership S Corp C Corporation General Partnership Professional Limited Liability Company
  • 3. Which One Are You? Which One Should You Be?
  • 4. Factors to Consider Line of Business Partners and/or Investors Control and Management Employees/Contractors Financing/Capitalization Location of the Business Tax and liability issues
  • 5. Types of Business Entities
  • 6. Sole Proprietorship
    • NOT A BUSINESS ENITY
    • Easiest to form - requires no paperwork!
    • Most businesses start as a sole proprietorship
    • No expenses, no requirements regarding formation, not taxed separately
  • 7. Sole Proprietorship Unlimited personal liability Liability Decision of the the sole proprietor Finance/ Capitalization Generally, use contractors and no employees Employees/ Contractors Unlimited Management/Control Can file on individual taxes Tax No paperwork Formation
  • 8. Partnerships
    • Two or more people involved
    • Types of Partnerships
      • General Partnership
      • Limited Partnership
    • Governed by a partnership agreement
      • If not exists, the Uniform Partnership Act governs in most states
  • 9. General Partnership Joint and several; Unlimited personal liability Liability Decision of the the sole proprietor Finance/ Capitalization Generally, use contractors and no employees Employees/ Contractors Flexible Management/Control Partnership does not pay tax; individuals reports share of loss or gain on personal taxes Tax
  • 10. General Partnership - Formation
    • May be formed without formal operating agreement
    • Most jurisdiction require filing a Statement of Partnership that includes:
      • The Name of the Partnership
      • Address of the chief executive offices
      • Name and address of the registered agent
      • Name of the partners