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Corporation
 

To form a corporation, an incorporator must file Articles of Incorporation and pay the requisite state fees and prepaid taxes with the appropriate state agency.

A corporation is a juristic autonomy which has continuity in its existence.
Shareholders of a corporation has limited liability.
Ownership interest is transferable.
Management of a corporation is centralized.
A corporation is capable of raising a large capital.
Shareholders are owners of a corporation.
Planning on business prospects, capitalization and human elements are required.
Corporate name must be selected and reserved.
Articles of incorporation must be filed.
The board of directors is responsible for the management and decision making of the corporation.
A corporation may be closely-held or a close corporation.
 
Partnership
 

It isa form of business entity in which 2 or more co-owners engage in business for profit.? For the most part, the partners own the business assets together and are personally liable for business debts.

Partners share common interests.
Partners have a fiduciary relationship.
Partners share profits.
Partners have equal rights on management.
Partners account for capital and receive no salary.
Partners are jointly-liable for contracts.
Partners are jointly and severally liable for torts.
Partnership can be terminated by death, dissolution but cannot be terminated unilaterally.
A General Partnership can be formed by contract or conduct.
A Limited Partnership can be formed by filing certificate with county of location.
 
LCC
 

An LLC is a hybrid between a partnership and a Corporation in that it combines the "pass-through" treatment of a partnership with the limited liability accorded to corporate shareholders.

It is a hybrid of limited liability of corporate shareholders and tax advantage of a partnership.
An LLCs capital can be cash, property and services.
To form an LLC articles of organization must be filed.
An LLC need to be distinguished form an LLP(Limited Liability Partnership).
An LLC will be taxed as partnership unless it is elected to be taxed as corporation.
Members of an LLC are sharing profits and losses.
An LLC can be managed by members or a manager.
Members of an LLC has limited liability.
Ownership (right to receive distribution) of an LLC is transferable.
In most cases, an LLC is dissolved at the death, withdrawal, resignation, expulsion or bankruptcy of a member.
 
Sole Proprietor
 

 

 
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