Bus 210 Checkpoint Week 2

In: Business and Management

Submitted By April1978
Words 315
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A joint-stock company is a business whose capital is held in transferable shares of stock by its joint owners. Probably the closest thing would be a limited partnership or an LLC. Today, whenever a group of people want to follow a rainbow that may end in a pot of gold, they tend to form one of those two types of business structures. Another way of looking at it might be to compare it to a private equity firm. That's where a company takes a bunch of wealthy people's money and buys up other businesses with it.

A Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation.

Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single member” LLCs, those having only one owner.

A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs.

A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.

A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a…...

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