The organization of business entities can take several forms \u00a0The first was historically to incorporate and form a corporation owned by stockholders; although this is becoming uncommon, unless one plans on later taking the entity public with a securities offering, in which case the entity must incorporated.<\/p>\n
Again, historically, the next choice was a partnership; either a general partnership or a limited partnership. \u00a0A general partnership is where all partners<\/em> are liable for all debts of the partnership. \u00a0This has fallen out of favor because of the liability issues. \u00a0 The next is a limited liability partnership which is composed of two classes; general partners and limited partners. \u00a0The general partners are liable for all the partnership debts but the limited partners are not.<\/p>\n The favorite entity of today is the limited liability company or LLC. \u00a0This is because it is a marriage of the best features of a corporation and a partnership. \u00a0The interest owners of an LLC are not personally liable for the debts of the LLC and neither is any manager of the LLC.<\/p>\n A recent development that I think is going to become the entity of choice<\/em>\u00a0is the Series LLC. \u00a0It offers a way to cost effectively establish subsequent entities without having to go through the formal process of getting a subsequent entity approved by the Secretary of State and one does not have to pay the standard filing fees. \u00a0I have a page explaining this concept in further detail.<\/p>\n Mouse over the “Practice Areas” at the top and then “Business Entities” to see more detailed descriptions of Corporations, Limited Liability Companies, Family Limited Partnerships and Series LLC’s.<\/p>\n","protected":false},"excerpt":{"rendered":" The organization of business entities can take several forms \u00a0The first was historically to incorporate and form a corporation owned by stockholders; although this is becoming uncommon, unless one plans on later taking the entity public with a securities offering, in which case the entity must incorporated. Again, historically, the […]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-1813","page","type-page","status-publish","hentry"],"yoast_head":"\n