Alternative Business Forms Flashcards
1
Q
Forms eliminating formalities
Requirements and consequences
A
Two requirements:
* non-public corporations
* unanimous written election/agreement
Two consequences:
* no peircing the veil
* likely S corporation status (entity to be taxed like a corporation)
2
Q
4 limits of an LLC
A
- limited liability
- limited life
- limited liquidity
- limited tax
3
Q
Virginia Business Trust
A
an unincorporated limited liability trust
(functions like a corporation, but has limited liability)
4
Q
Virginia Benefit Corporation (B Corp)
A
must act for public benefit and has limited liability
