A limited liability company (LLC) is an entity allowed by state law. But for federal tax purposes this type of entity is not recognized. According to the IRS, an LLC with two or more members can be treated as a partnership, a corporation or an S corporation for federal income tax purposes. In order to ...
The requirements for registering a partnership in Florida depend on the type of partnership. Registration must be made with the Florida Department of State Division of Corporations. There are different forms for general partnerships, Florida limited partnerships, foreign limited partnerships, Florida limited liability companies, and foreign limited liability companies. You can register a general partnership ...
This article will discuss the formation of a partnership. Included are descriptions of the different partnership types, including the partnership features, roles of partners, and partnership taxation. In addition, the partnership agreement will be discussed. There are three types of partnership that will be discussed. These are a general partnership, limited partnership (LP), and limited ...
There are several forms of business entity to choose from when starting a business in the U.S. It is important to note that each of the different forms have different tax implications, along with different levels of liability. The four types of business entities that will be discussed are the C corporation, S corporation, general ...
When starting your own business you will want to decide if you will have a sole-proprietorship, a partnership, a limited liability company (LLC), or form a corporation. With a sole-proprietorship or a partnership you are personally liable for many of the financial or legal issues of your business. To avoid personal liability for their business ...
In order to set up a business in Kentucky you may have to file formation documents with the Kentucky Secretary of State, depending on the legal structure of your business. According to the Kentucky Secretary of State, a sole proprietorship does not have to file with the Secretary of State. But if the sole proprietorship ...
If you are in business as a sole proprietorship, and looking to change the face of your company to limit your personal liability without the tax ramifications of a corporation, you should consider forming a limited liability company, or LLc. Why an LLc instead of a limited partnership, an S corporation, or a traditional corporation? ...