Forms of Business and Partnerships
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Sole Partnership
A business owned and operated by one person, with no legal distinction between the business and the owner.
Partnerships
A legal form of business operation between two or more individuals who share management and profits.
Sole Member, LLC
A limited liability company with only one owner, providing liability protection and pass-through taxation.
Forms of Business
Different legal structures for conducting business, such as sole proprietorship, partnership, and corporation.
RUPA
Revised Uniform Partnership Act, a set of laws governing the formation and operation of partnerships.
Dissociation
The withdrawal of a partner from a partnership, leading to the dissolution or continuation of the partnership.