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B Law

In: Business and Management

Submitted By smk2685
Words 605
Pages 3
¬¬¬¬¬¬¬¬¬¬¬¬¬ISSUE The issue that needs to be addressed is figuring out which business form would work best with our company. Our firm has 60 employees that collaborate to publish the class magazine. Professor Syska is worried about protecting his personal assets, and therefore needs an analysis on which business form would be more protective for them.
FACTS
The first form of business is a sole proprietorship, which is the simplest form of business organization. Here there is only one owner of the business and no separate legal entity. The next form of business is a general partnership, or ordinary partnership. A general partnership is an association of two or more persons to carry on as co-owners of a business for profit. Here there are general partners, who are liable for the company and have equal say. Another form of business is a limited partnership, which is also known as a special partnership. Limited partnerships are used for different business ventures including investing in real estate, drilling oil and gas wells, investing in movie productions, and more. In this form, there are two possible types of partners: general partners and limited partners. General partners contribute capital, are liable, and are involved in the management. Limited partners contribute capital, however they are not liable for the company and are not involved in the management. A limited liability corporation (LLC) is an unincorporated business entity that combines the most favorable aspects of general partnerships, limited partnerships, and corporations. An LLC operates under state law, not federal law. A limited liability partnership (LLP) is a special form of partnership in which all partners are limited partners, and there are no general partners. The last type of business form is a corporation, which is a fictitious legal entity that is created according to

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