General Partnerships (GP)
GP’s are easy and inexpensive to form.
Minimum 2 partners are required.
Partners play an active role in the management and share responsibility for debts, profits, losses.
Partners are liable for business lawsuits.
Limited Partnerships (LP)
Minimum 2 partners are required.
One or more partners are not taking an active role in the business’s management Limited Partner
Limited partners are not responsible for business debts exceeding their initial investments.
At least one partner actively maintaining management and operations
General Partner
General Partner has unlimited liability.
Limited Liability Partnerships (LLPs)
The amount of liability is limited to partners' investment in the business,
Each partner can take a role in the business’s management
Professionals such as lawyers, accountants, and dentists often prefer forming LLPs
Limited Liability Companies (LLCs)
Quasi-corporate structure - blend of partnership and corporation.
Owners maintain business’s management
Owners are not personally liable for business debts or liabilities.
Joint Ventures (JV)
Generally, there’s a limited purpose of accomplishing a specific task.
Gathers companies to unite their experiences&resources.
Each participant is responsible for profits and losses
C Corporations
Hold owners, directors, and officers.
Owners taxed separately.
Owners’ liability is limited with their investment to the business.
S Corporations
Hold owners, directors, and officers.
Requirement of not having more than 100 shareholders consisting of natural persons.
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