Business Entities
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Business Entities

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    Business Entities Business Entities Presentation Transcript

    • Business Entity Formation By: Karyn A. Riley, Esq.
    • Sole Proprietorship Limited Liability Company Limited Partnership S Corp C Corporation General Partnership Professional Limited Liability Company
    • Which One Are You? Which One Should You Be?
    • 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
    • Types of Business Entities
    • 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
    • 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
    • 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
    • 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
    • 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