COMPARISON CHART OF DIFFERENTTYPES OF BUSINESS ORGANIZATIONS
C Corporation S Corporation GeneralPartnershipLimitedPartnershipLimitedLiabilityPartnershipLimitedLiabilityCompanyCREATION & APPLICABLE LAWS1. Applicable MNStatutes
Chapter 302A Chapter 302A Chapter 323 / 323A(1)Chapter 323A Chapter 323 / 323A(1)Chapter 322B
2. Creating Documents
Articles of IncorporationArticles of IncorporationArticles of Partnership(none required)Articles of LimitedPartnershipArticles of PartnershipArticles of Organization
a. Who signs?
Incorporator(s) Incorporator(s) All Partners All Partners All Partners Organizer(s)
b. Document Must beFiled?
Yes Yes No Yes (Certificateof LimitedPartnership)Yes (Statement) Yes
c. With Whom?
Secretary of StateSecretary of StateN/A Secretary of StateSecretary of StateSecretary of State
3. Owners:a. Designation
Shareholders Shareholders Partners Partners Partners Members
b. Minimum No.
May be onlyone ShareholderMay be onlyone ShareholderMust be at leasttwo PartnersMust be at leasttwo PartnersMust be at leasttwo PartnersMay be onlyone Member
c. Maximum No.
Unlimited Limited to 75 Unlimited Unlimited Unlimited Unlimited
Yes, can have avariety of seriesNo, only oneclass of stock Yes, can haveclasses of Yes, can haveclasses of Yes, can haveclasses of Yes (FinancialRights vs.