Partnerships/Corporations Flashcards
Which ones have unlimited liability?
SP (Sole proprietorship)
GP (General Partnership)
Which one has limited and unlimited liability?
LP (Limited partnership)
Which ones have limited liability?
CC (C-Corporation)
SC (S-Corporation)
LLC (Limited Liability Company)
What is the only one that does not have single/flow through taxes?
CC (C-Corporation)
Which ones have an easy/inexpensive set-up?
SP
GP
LP
LLC
Which ones have complex set-ups?
CC
SC - but less complex than CC
Which ones have continuity of life?
CC
SC
Which ones do not have continuity of life?
SP
GP
LP
LLC
Which one has only one proprietor owner?
Sole proprietorship
Which one has two or more general partners as owners?
General partnership
Which one has at least one general partner and at least one limited partner?
Limited partnership
Which one has an unlimited number of shareholders?
C-Corporation
Which one has no more than 100 US shareholders?
S-Corporation
Which one has one or more members?
Limited Liability Company
