Entities Chart PDF

Sole Proprietorship Corporation Partnership Limited Liability Company Formation “At Will” File documents with the...

Sole Proprietorship Corporation Partnership Limited Liability Company Formation “At Will” File documents with the “At Will” File Documents with Start & Terminate at Secretary Of State – Commencement and the Secretary Of State Your Own Discretion articles of incorporation Termination may be by And Register in Other And Register in Other as little as “actions of Jurisdictions Jurisdictions the parties” and may be modified by agreement Management Autonomous Board of Directors that Shared Management; Shared Management; are elected by Can vary by agreement Can vary by agreement shareholders Liability Unlimited Limited to Corp Assets Unlimited Limited to the Assets *BUY INSURANCE* (But PCV) *BUY INSURANCE* (But PCV) Legal Position / One Entity Separate Entity from Some states say Separate Entity from its Personality the shareholders “separate entity” from Members Partners Taxation Single tax Double Tax (tax on the Single Tax that flows Single Tax that flows actual corp. and through to the partners. through to members. shareholders taxed on Partnership and LLC and Members File dividends) Partners File a Return a Return Duration Terminate at Will Perpetual Terminate by May be Perpetual Agreement or Withdrawal Unilateral Transfer Sell/give away Full ownership interest Can’t transfer full Freely transferable – business, but that is freely transferable partnership interest to depending upon the terminates your interest May be varied by another party, but can state and transfers that Articles or Bylaws assign value of the interest to the new partnership to another owner. person  Sole Proprietorship Corporation Partnership Limited Liability Company Formation “At Will” File documents with the “At Will” File Documents with Start & Terminate at Secretary Of State – Commencement and the Secretary Of State Your Own Discretion articles of incorporation Termination may be by And Register in Other And Register in Other as little as “actions of Jurisdictions Jurisdictions the parties” and may be modified by agreement Management Autonomous Board of Directors that Shared Management; Shared Management; are elected by Can vary by agreement Can vary by agreement shareholders Liability Unlimited Limited to Corp Assets Unlimited Limited to the Assets *BUY INSURANCE* (But PCV) *BUY INSURANCE* (But PCV) Legal Position / One Entity Separate Entity from Some states say Separate Entity from its Personality the shareholders “separate entity” from Members Partners Taxation Single tax Double Tax (tax on the Single Tax that flows Single Tax that flows actual corp. and through to the partners. through to members. shareholders taxed on Partnership and LLC and Members File dividends) Partners File a Return a Return Duration Terminate at Will Perpetual Terminate by May be Perpetual Agreement or Withdrawal Unilateral Transfer Sell/give away Full ownership interest Can’t transfer full Freely transferable – business, but that is freely transferable partnership interest to depending upon the terminates your interest May be varied by another party, but can state and transfers that Articles or Bylaws assign value of the interest to the new partnership to another owner. person  Memorize this Chart Sole Proprietorship Corporation Partnership Limited Liability Company Formation “At Will” File documents with the “At Will” File Documents with Start & Terminate at Secretary Of State – Commencement and the Secretary Of State Your Own Discretion articles of incorporation Termination may be by And Register in Other And Register in Other as little as “actions of Jurisdictions Jurisdictions the parties” and may be modified by agreement Management Autonomous Board of Directors that Shared Management; Shared Management; are elected by Can vary by agreement Can vary by agreement shareholders Liability Unlimited Limited to Corp Assets Unlimited Limited to the Assets *BUY INSURANCE* (But PCV) *BUY INSURANCE* (But PCV) Legal Position / One Entity Separate Entity from Some states say Separate Entity from its Personality the shareholders “separate entity” from Members Partners Taxation Single tax Double Tax (tax on the Single Tax that flows Single Tax that flows actual corp. and through to the partners. through to members. shareholders taxed on Partnership and LLC and Members File dividends) Partners File a Return a Return Duration Terminate at Will Perpetual Terminate by May be Perpetual Agreement or Withdrawal Unilateral Transfer Sell/give away Full ownership interest Can’t transfer full Freely transferable – business, but that is freely transferable partnership interest to depending upon the terminates your interest May be varied by another party, but can state and transfers that Articles or Bylaws assign value of the interest to the new partnership to another owner. person  Sole Proprietorship Corporation Partnership Limited Liability Company Formation “At Will” File documents with the “At Will” File Documents with Start & Terminate at Secretary Of State – Commencement and the Secretary Of State Your Own Discretion articles of incorporation Termination may be by And Register in Other And Register in Other as little as “actions of Jurisdictions Jurisdictions the parties” and may be modified by agreement Management Autonomous Board of Directors that Shared Management; Shared Management; are elected by Can vary by agreement Can vary by agreement shareholders Liability Unlimited Limited to Corp Assets Unlimited Limited to the Assets *BUY INSURANCE* (But PCV) *BUY INSURANCE* (But PCV) Legal Position / One Entity Separate Entity from Some states say Separate Entity from its Personality the shareholders “separate entity” from Members Partners Taxation Single tax Double Tax (tax on the Single Tax that flows Single Tax that flows actual corp. and through to the partners. through to members. shareholders taxed on Partnership and LLC and Members File dividends) Partners File a Return a Return Duration Terminate at Will Perpetual Terminate by May be Perpetual Agreement or Withdrawal Unilateral Transfer Sell/give away Full ownership interest Can’t transfer full Freely transferable – business, but that is freely transferable partnership interest to depending upon the terminates your interest May be varied by another party, but can state and transfers that Articles or Bylaws assign value of the interest to the new partnership to another owner. person  Sole Proprietorship Corporation Partnership Limited Liability Company Formation “At Will” File documents with the “At Will” File Documents with Start & Terminate at Secretary Of State – Commencement and the Secretary Of State Your Own Discretion articles of incorporation Termination may be by And Register in Other And Register in Other as little as “actions of Jurisdictions Jurisdictions the parties” and may be modified by agreement Management Autonomous Board of Directors that Shared Management; Shared Management; are elected by Can vary by agreement Can vary by agreement shareholders Liability Unlimited Limited to Corp Assets Unlimited Limited to the Assets *BUY INSURANCE* (But PCV) *BUY INSURANCE* (But PCV) Legal Position / One Entity Separate Entity from Some states say Separate Entity from its Personality the shareholders “separate entity” from Members Partners Taxation Single tax Double Tax (tax on the Single Tax that flows Single Tax that flows actual corp. and through to the partners. through to members. shareholders taxed on Partnership and LLC and Members File dividends) Partners File a Return a Return Duration Terminate at Will Perpetual Terminate by May be Perpetual Agreement or Withdrawal Unilateral Transfer Sell/give away Full ownership interest Can’t transfer full Freely transferable – business, but that is freely transferable partnership interest to depending upon the terminates your interest May be varied by another party, but can state and transfers that Articles or Bylaws assign value of the interest to the new partnership to another owner. person  PCV – Destroying Limited Liability Sole Proprietorship Corporation Partnership Limited Liability Company Formation “At Will” File documents with the “At Will” File Documents with Start & Terminate at Secretary Of State – Commencement and the Secretary Of State Your Own Discretion articles of incorporation Termination may be by And Register in Other And Register in Other as little as “actions of Jurisdictions Jurisdictions the parties” and may be modified by agreement Management Autonomous Board of Directors that Shared Management; Shared Management; are elected by Can vary by agreement Can vary by agreement shareholders Liability Unlimited Limited to Corp Assets Unlimited Limited to the Assets *BUY INSURANCE* (But PCV) *BUY INSURANCE* (But PCV) Legal Position / One Entity Separate Entity from Some states say Separate Entity from its Personality the shareholders “separate entity” from Members Partners Taxation Single tax Double Tax (tax on the Single Tax that flows Single Tax that flows actual corp. and through to the partners. through to members. shareholders taxed on Partnership and LLC and Members File dividends) Partners File a Return a Return Duration Terminate at Will Perpetual Termination by May be Perpetual agreement, death, or withdrawal Unilateral Transfer Sell/give away Full ownership interest Can’t transfer full Freely transferable – business, but that is freely transferable partnership interest to depending upon the terminates your interest May be varied by another party, but can state and transfers that Articles or Bylaws assign value of the interest to the new partnership to another owner. person  Memorize this Chart Sole Proprietorship Corporation Partnership Limited Liability Company Formation “At Will” File documents with the “At Will” File Documents with Start & Terminate at Secretary Of State – Commencement and the Secretary Of State Your Own Discretion articles of incorporation Termination may be by And Register in Other And Register in Other as little as “actions of Jurisdictions Jurisdictions the parties” and may be modified by agreement Management Autonomous Board of Directors that Shared Management; Shared Management; are elected by Can vary by agreement Can vary by agreement shareholders Liability Unlimited Limited to Corp Assets Unlimited Limited to the Assets *BUY INSURANCE* (But PCV) *BUY INSURANCE* (But PCV) Legal Position / One Entity Separate Entity from Some states say Separate Entity from its Personality the shareholders “separate entity” from Members Partners Taxation Single tax Double Tax (tax on the Single Tax that flows Single Tax that flows actual corp. and through to the partners. through to members. shareholders taxed on Partnership and LLC and Members File dividends) Partners File a Return a Return Duration Terminate at Will Perpetual Termination by May be Perpetual agreement, death, or withdrawal Unilateral Transfer Sell/give away Full ownership interest Can’t transfer full Freely transferable – business, but that is freely transferable partnership interest to depending upon the terminates your interest May be varied by another party, but can state and transfers that Articles or Bylaws assign value of the interest to the new partnership to another owner. person