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Business Entities
Business Entities
Business Entities
Business Entities
Business Entities
Business Entities
Business Entities
Business Entities
Business Entities
Business Entities
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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 <ul><li>NOT A BUSINESS ENITY </li></ul><ul><li>Easiest to form - requires no paperwork! </li></ul><ul><li>Most businesses start as a sole proprietorship </li></ul><ul><li>No expenses, no requirements regarding formation, not taxed separately </li></ul>
  • 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 <ul><li>Two or more people involved </li></ul><ul><li>Types of Partnerships </li></ul><ul><ul><li>General Partnership </li></ul></ul><ul><ul><li>Limited Partnership </li></ul></ul><ul><li>Governed by a partnership agreement </li></ul><ul><ul><li>If not exists, the Uniform Partnership Act governs in most states </li></ul></ul>
  • 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 <ul><li>May be formed without formal operating agreement </li></ul><ul><li>Most jurisdiction require filing a Statement of Partnership that includes: </li></ul><ul><ul><li>The Name of the Partnership </li></ul></ul><ul><ul><li>Address of the chief executive offices </li></ul></ul><ul><ul><li>Name and address of the registered agent </li></ul></ul><ul><ul><li>Name of the partners </li></ul></ul>

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