L201 Business Organization

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limited liability partnership

All partners are limited partners and not responsible for the debts and other liabilities of other partners

Sole Proprietorship

a business owned and managed by a single individual

duty of loyalty and care

fiduciary duties of directors

limited vs unlimited liability of partnerships

unlimited personal liability for all partners

partnership

"association of two or more persons to carry on as co-owners of a business for profit"

Limited Liability Company

A business organization in which the business (not the owner) is liable for the company's debts. has limited liability like a corporation while being taxed like a partnership (pass-through taxation)

Corporation

A business owned by stockholders who share in its profits but are not personally responsible for its debts

limited partnership

A partnership with one or more general partners and one or more limited partners.

duration of corporation

Can have perpetual existence

Pass-through taxation

Earnings of the business are distributed to the business owners and those owners pay individual tax on the earnings.

Fiduciary Duty

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.

Duty of Loyalty

a fiduciary duty owed by an agent not to act adversely to the interests of the principal

corporation

are legal persons for most purposes (Ks, property, lawsuits)

partnerships

are legal persons for some purposes (Ks, property, lawsuits)

directors, officers, employees

chain of command for corporations

corporation

corporate taxation vs. pass-through taxation

partnerships

limited in various ways, can be dissolved by conduct of partners

partnerships

low. cannot transfer duties as partners, only profits from partnership

corporation

must be officially incorporated by filing a "charter" with the state authorities

partnerships

none. can be formed through informal agreements or actions

corporation

ownership is easily transferable, can sell shares on liquid markets at anytime

partnerships

pass-through taxation

corporation

shareholders "own" directors and officers "control"

limited vs unlimited liability in corporation

shareholders and managers have limited liability for contract and tort claims agains corporation

duty of care

the obligation people owe each other not to cause any unreasonable harm or risk of harm

joint ventures

when two or more companies join forces - sharing resources, risks, and profits, but not actually merging companies - to pursue specific opportunities


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