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bule 302 test4

QuestionAnswer
simple to form owner is the business owner pays income taxes on profits lower taxes personal property is liably for debts sole proprietorship
owner IS the business and is personally liable for all debts sole prop
lower taxes on inidivual sole prop
personal property of the owner is liable for repayment of debts of the business sole prop
created between 2 or more parties to share profits/losses and have joint ownership of the business general partnership
equal right to managemtn by owners general partnership
income is passed through to the owners who then pay personal income taxes general partnership
all owners carry liability of business debts general partnership
considered a business entity for limited purposes. not taxes. general partnership
business can own property and sue as a business general partnership
owners have fiduciary duty to other partners general partnership
typically for family businesses "pass through" tax entity but limits personal liability of partners Limited Liability Partnership (LLP)
has atleast one general partner and any number of limited partners Limited Partnership (LP)
limited partners are only liable up to their investments limited partnership LP
only general partner can manage company limited partnership LP
hybrid form of business that offers limited liability of a coporation with the tax benefits of a partnership limited liability company LLC
limited partners participate in management through operating agreements limited liabilty company LLC
company is a citizen of every state of each member limited liabilty company
name must include LLC limited liabilty company
arrangement in which an owner of a trademark, trade name leases the trade name to someone under specified conditions franchise
types of ___?___: distributorship (car dealership), chain style operatio (mcdonalds), manufacturing/processing arrangement (soda bottling/labeling) franchise
Created by: redskins12006