Business structure Flashcards
____: you are the owner and the business structure is very simple
sole proprietorship
___: 2+ docs combined to share ownership of a practice
partnership
___ is a business model where the pwners share the practice, profits, and responsibilities
partnership
what business type can not be done in the state of Cali
Limited liability partnership (LLP)
___: 2+ docs share facilities, staff and equipment but maintain independent solo practices
group practice
What must you be careful of comes off as when you are in a group practice
“partnership by reasonable percetion”
What type of practice can reduce overhead for the docs
group practice
___: is a legal “person” in the eyes of the law for business matters
corporation
___: business model where stock may be sold to raise capital
Chapter C corporations
in what type of business model would the business be double taed (once as a corporation and once as a stockholder)
C corporation
____ business structure:
income or losses are passed on to the shareholders (no double taxation) & taxed at the individual rate
S corporatin
__ tyes of companies have only a 100 shareholders or less
S corportations
__ business model is similar to a partnership, but with limited liabilities
S corporation
hybrid btw sole proprietorship and corporations
limited liability company (LLC) : gets protection for personal assets, without having all the issues of being a corporation
“partnership by appearance”
de factor partnerships
