BUS 315 Study Guide - Final Guide: Uniform Partnership Act, Limited Liability Company, Limited Liability Partnership
Document Summary
All of the rewards, all of the risk. Partnerships two or more persons carrying on a business as co-owners for profit. Generally like a sole proprietorship but w more than one person. Uniform partnership act (upa) & revised upa (rupa) Individual partners pay the tax, the partnership does not. Limited liability partnership (llp: tax benefits of a partnership, limits partner"s personal liability for malpractice of other partners, professional service firms and family business. Double taxation: tax on the net profits & shareholders pay tax on disbursed dividends. Shareholders are owners, only liable for the amount they have invested. Under corp. law the officers and all employees are agents of the corporation. Some types: domestic - in home state, foreign - from another state, alien - from another country, publicly held - shares traded publicly, private - for private benefit, non-profit - philanthropic, s-corp - closely held, special tax treatment.
