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Business Associations - Chart

Business Associations - Chart

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Published by mkelly2109

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Published by: mkelly2109 on Nov 19, 2012
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07/18/2013

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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
d. OwnershipInterests
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.
 
Separable?
& classes of stock Partners Partners Partners GovernanceRights)
4. Restrictions on Typesof Owners
No Yes No No No No
5. Governance / Operating Rules
Bylaws(Optional)Bylaws(Optional)Articles of Partnership (if so elects)Articles of Partnership (if so elects)Articles of Partnership (if so elects)Optional
OWNERS’ INTERESTS & LIABILITYC Corporation S Corporation GeneralPartnershipLimitedPartnershipLimitedLiabilityPartnershipLimitedLiabilityCompany6. Owner’s Interestsa. Designation
Shares of Stock Shares of Stock Capital Account Capital Account Capital Account MembershipInterest
b. Ownership
Number of SharesNumber of SharesPercentage of CapitalPercentage of CapitalPercentage of CapitalPercentageInterest
c. Other Interests
Options,Warranties, etc.Options,Warranties, etc.Income Account Income Account Income Account Income Account
d. Agreement toInvest
SubscriptionAgreementSubscriptionAgreementArticles of PartnershipArticles of PartnershipArticles of PartnershipContributionAgreement orContributionAllowanceAgreement
e. Evidence of Ownership
Entry on Stock Registrar, andCertificateEntry on Stock Registrar, andCertificateEntry onPartnershipRecords andCertificate(Optional)Entry onPartnershipRecords andCertificate(Optional)Entry onPartnershipRecords andCertificate(Optional)Entry on LLC“RequiredRecords,” andCertificate(Optional)
 
 
f. Voting Rights
Number of Voting SharesNumber of Voting SharesPercentage of Capital (unlessArticles provideotherwise)Percentage of Capital (unlessArticles provideotherwise)Percentage of Capital (unlessArticles provideotherwise)Percentage of MembershipInterest
7. Owner’s Liable forDebts of Entity(absent fraud, etc.)
No No Yes GeneralPartner(s) - Yes;LimitedPartner(s) - NoNo Partner isLiableNo Member isLiable
8. Ability to PierceLiability Shield
Yes Yes N/A Yes, as toLimited Partner(if don’t complyw/statute)Yes, if fail torenew annualstatementYes
9. Liability of Managersfor Illegal Distributions
DirectorsLiable; 2-yearStatute of LimitationsDirectorsLiable; 2-yearStatute of LimitationsN/A (becausegeneral partnersliable for allentity debts)N/A (becausegeneral partnersliable for allentity debts);Except forLLLPNo Provision isLLP Statue(UniformFraudulentTransfer Actdoes not imposeliability ondecision maker)GovernorsLiable; 2-yearStatute of Limitations
ELECTION & STATUTORY REMOVAL OF OFFICERS AND DIRECTORSC Corporation S Corporation GeneralPartnershipLimitedPartnershipLimitedLiabilityPartnershipLimitedLiabilityCompany10. Election/StatutoryRemoval of Officers andDirectorsa. Directors
By Shareholders By Shareholders By Partners By Partners By Partners By Members
b. Officers Elected
By Board of By Board of Managers Managers Managers Managers

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