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About this document
- Pages
- 7 pages
- Price
- $7 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Business, Law
- Module
- BUS311
This document explains the requirements and characteristics of LLCs, partnerships, and corporations. It is useful for understanding the different business structures and their legal implications. It covers the BUS311 module.
What's inside
- LLC formation and management
- Partnership structure and taxation
- Corporation formation and requirements
- Example of a large LLC company
- Advantages and disadvantages of LLCs
Who it is for: Students taking the BUS311 Business Law I module. (Undergraduate)
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Summary
Business law covers the requirements for forming and running three types of business: LLC, partnership and corporation. Students learn how each type is set up, how it is run and how it is taxed.
Limited Liability Companies
An LLC is formed by filing articles of organization with the state. An operating agreement sets out how the LLC will be run and how profits will be divided.
Partnerships
A partnership is formed by two or more people who contribute to and share in a business. It must file an annual information return but does not pay income tax.
Corporations
A corporation is formed by filing articles of incorporation with the state. Corporations must file regular reports and keep records of all actions taken by the board of directors.
Comparing Business Types
LLCs, partnerships and corporations differ in their flexibility, management structure, tax options and compliance issues. Examples of large companies that are LLCs are given.
Key terms
- Articles of Organization
- The basic document filed with the state to form an LLC.
- Operating Agreement
- A written agreement among LLC members about how the LLC will be run.
- Partnership Agreement
- A written agreement among partners about how the partnership will be run.
- Articles of Incorporation
- The document filed with the state to form a corporation.
- Annual Information Return
- A form filed by partnerships to report income, deductions, gains and losses.
- Pass Through Taxation
- A tax system where profits and losses are reported on each shareholder’s individual tax return.
Questions this document helps with
- What are the steps to form an LLC?
- How is a partnership taxed?
- What documents are needed to form a corporation?
Summary written with AI from the document's text.
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