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Business structures summary
Sole proprietor Generalpartnership(GP)Limited partnershipLimitedliabilitypartnershipLimited liabilityCorporationInitials
--LPLLPLLC
Initials in the name
 No No Yes YesYes
Qualities / Nature
--GP+ CorporationGP + LPGP+ Corporation
Separate legalentity
•
Sue / sued
 No Yes Yes Yes Yes
Liability
ULUL(all partners)L(LP) + UL (GP)GP- Mgt.,ULL (all partners)UL(only for the partner who didmalpractice)L
Example
--B.E. Partners, L.P.Professionalfirms
Composition
One individual /Owner One or more
•
Individuals
•
Firms
•
Corporations
•
Any artificial juridical person1 GPr 1 LPr GPr- Any artificial juridical person.Partnership interest writtenin books
Formed under
•
RUPA
•
State statute
•
RULPA
•
State jurisdiction
Legal Formalities
Licensing, zoninglaws etc not ascomplicated asCompliance of all filingrequirements1
 
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Filing
 Not required withstateWith Secretary of State With Secretaryof StateWith Secretary of State
Paying fees
Pay organizational. fees Pay formationfeesPay formationfees
Filing documents
Fictitious namestatement
Certificate of LP
•
 Not filed-treated as GP
•
Signed by all partners
•
On the date or later date specified in thecertificateArticles Articles
Other documents Certificate of amendment
< 30 days
•
Admission
•
Withdrawal
•
Contin. on
o
death ,
o
withdrawal,
o
incapacity,
o
Transfer of interest.
Certificate of Cancellation
•
After dissolu.
•
Beginning of w.up
•
When no LPr's
Agreement
 Nil Optional LP agreement (Optional)Membersoperatingagreement
Capital
Personal resources Cannot issue2
 
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usiness in otherstateFileRegisterQualified?
Yes No other legalformalities
Management
Self ManagedAll partners Same as GPMember managed/Manager managed
Profits and losses
Sole proprietor Same as GPSame as GPAs per agreementor equal
Tax StructureBenefitsDeductions/lossess
Enjoys benefitsand deductions
•
Flow through Method
•
Partners file personalincome tax returns
•
FlowthroughMethod
•
Partners file personalincome taxreturns
•
Flow throughMethod
•
Members file personalincome taxreturns
Taxation filingdocuments
Proprietors TaxreturnLP files Information return As GP or LP
Double Taxation
 NoNoNo No No
Business expansion
Debt finance
•
Debt finance
•
 NewPartners
•
Debt finance
•
 New co-Owners
Rights
Equal Mgt particip.Equal Mgt participEqual Mgt participEqual Mgt particip3
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