LAW 3102 Lecture Notes - Lecture 24: Sole Proprietorship, Double Taxation

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Published on 16 Apr 2018
April 16, 2018
Law 3102
Corporations: most critical/ most useful entities
1. Sole proprietorship: just by going into the business
a. fictitious business name
2. General pship
a. working with somebody else, you formed a pship
b. you do not need to register
i. Limited pship
1. more protection for a limited partner
2. you do have to register
3. must be one general partner (who is not protected)
3. LLC
a. limited liability company: gives you some protection
b. if someone were to sue there is a corporate veil
c. personal assets vs. business assets separate
d. pass through entities
e. if business takes a loss you can claim that in ur own taxes
4. S corp/ C corp
a. strongest corporate veils
b. separates you from corporation
c. C corp: double taxation
i. more complicated
Volume wise → Corporations are must bigger
more incremental in economy
structure is more complex
Limited liability:what’s the most you can lose as an investor?
up to what you have invested in the share
easy transferability of shares
easy to do! publicly traded company, always demand to transfer
perpetual existence
generally speaking are forever!
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