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16 Cards in this Set
- Front
- Back
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General partnerships
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an unincorporated association of two or more co-owners who operate a business for profit
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sole proprietorship
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an unincorporated business owned by one person
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corporations
personal liability? liability of the owners? |
individuals are not liable for the debts of the corporation.
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limited liability companies
personal liability? liability of owners? |
offers limited liability of corporation (no personal liability) and the tax status of S-Corporation (get out of double taxing)
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S-Corporations
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smaller corporations
a way to get out of double taxing |
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C-Corporation
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"Close Corporation"
a company whose stock is not publicly traded. also known as a closely help corporation. |
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Management options for Limited Liability
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1. members
2. directors 3. manager (officers optional unless Board of Directors) |
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Corporation (terminology)
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Shareholders
president and secretary |
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LLC (terminology)
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members
manager |
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What officers must corporation have?
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President and Secretary. All others are optional
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General Partnership
Each partner is _______ and _____ liable for debt. |
jointly and severally
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General Partnership
Only taxed in the hands of the _______. |
individuals
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A partnership for a limited purpose.
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Joint Venture
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Businesses that allow for its locations to operate.
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Franchise
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Corporation formation
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1. File Charter
-secretary of state - register of deeds (where all official info and books are) 2. EIN # 3. Initial meeting of shareholders (elect directors) 4. Initial meeting of directors (elect officers) 5. Issuance of stock certificates. |
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Corporate minute book
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spiral notebook all meeting info stored here. official documents
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