2. Four (4) Ways Of Taking Title On Realty As A Business Flashcards
0
Q
General Partnership
A
Liable personally and as a group (must be two or more)
1
Q
Four (4) way of taking title on realty as a business
A
General Partnership … Limited Partnership …
Corporation … Limited Liability Company (LLC)
2
Q
Limited Partnership
A
One or more general partners
General partners completely liable
Limited partners only liable up to original investment
3
Q
Corporation
A
Title taken in severalty under the name of the corporation
Percent of ownership determined by shares of stock
Stockholders liability usually limited to investment
Subject to double taxation
It is possible to have a corporation of only one person
4
Q
Limited Liability Company
A
Limited liability within the organization
