MGMT 211 Study Guide - Midterm Guide: Limited Liability Company, Registered Agent, Legal Personality
6 Dec 2017
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Ease of operation - - desired length of existence - - personal liability - - taxation. Ease of sale of business - - ease of raising capital. Sole proprietorship: oldest and simplest form of business, most common, owner is business, no legal requirements, unlimited liability. Partnership: least favored type of historical business. 2 or more persons; should have a written agreement: unlimited liability. Corporation: most popular from for a large business, business by volume, separate legal entity, must file with state official. In tx, it is the secretary of state: must have at least 1 general and limited partner. S corporation: a closely held corporation that meets the requirements of the irs, throughput taxation, limited liability. Professional corporation: available to professionals; members liable for malpractice of another member, gives limited liability to shareholders. Began in germany in the late 1800"s: used in europe and latin america before us.
