Public Corporations
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businesses that sell stock, or pieces of ownership, to the public on the
stock market. Ex: Exxon sells a million shares and people all around world
buy them
Advantages of a Partnership
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, 1.) May be at will (indefinite period of time) or fixed term (50/50 and
agreements until it is over), 2.) Offers pass through taxation to patterns on
profits (EVEN IF MONEY IS PUT BACK INTO BUSINESS IT IS TAXED AS
PERSONAL INCOME), 3.) Easy to start with no registration or filing, 4.)
Equal voice among partners in management and profit-sharing
Disadvantages of Sole Proprietorship
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1.) Owner is personally liable for all losses or liabilities, 2.) Most likely form
of business to be audited by IRS 5x more because suspicion of
underreported income, 3.) Lacks continuity on death of proprietor - if dad
transfers business to son and had unpaid invoices then the son has to pay
these
Things you see when looking up business org online
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Can search by entity number or file number.
Entity Type: General, Bank, or Closed Corporation
You see: File number, Incorporation Date, Entry Type, State of Original
Corporation, Residency, Entry Kind, Entry Name
Duty of Care (Fiduciary Duty)
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, Businesses protect employees and customers from harm
Foreign Corporation Registration
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Required to register to business through acquisition of a Certificate of
Authority (if purposeful availment for profit exists). On this certificate, they
inform the state that business is being done of its registered agent whether
domestic or foreign. A registered agent must physically be in state because
they have a sole legal responsibility to receive service of process or accept
other legal documents from state (binds).
Revised Uniform Partnership Act of 1994
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treats general partnerships as entities rather than collection of individuals
which leads to dissociation: removal of partner from partnership and the
partnership can go on and mechanism by which dissociating partners
arrange to dispose of their share in business. a.) Rightful Dissociation:
Retirement, death - allows you rightfully leave and still vote on things as
you leave b.) Wrongful Dissociation: Embezzlement, fraud, crimes
48 states adopted RUPA, but we are still under old rules of UPA in NC
Example of Limited Liability
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Give this one a try later!
businesses that sell stock, or pieces of ownership, to the public on the
stock market. Ex: Exxon sells a million shares and people all around world
buy them
Advantages of a Partnership
Give this one a try later!
, 1.) May be at will (indefinite period of time) or fixed term (50/50 and
agreements until it is over), 2.) Offers pass through taxation to patterns on
profits (EVEN IF MONEY IS PUT BACK INTO BUSINESS IT IS TAXED AS
PERSONAL INCOME), 3.) Easy to start with no registration or filing, 4.)
Equal voice among partners in management and profit-sharing
Disadvantages of Sole Proprietorship
Give this one a try later!
1.) Owner is personally liable for all losses or liabilities, 2.) Most likely form
of business to be audited by IRS 5x more because suspicion of
underreported income, 3.) Lacks continuity on death of proprietor - if dad
transfers business to son and had unpaid invoices then the son has to pay
these
Things you see when looking up business org online
Give this one a try later!
Can search by entity number or file number.
Entity Type: General, Bank, or Closed Corporation
You see: File number, Incorporation Date, Entry Type, State of Original
Corporation, Residency, Entry Kind, Entry Name
Duty of Care (Fiduciary Duty)
Give this one a try later!
, Businesses protect employees and customers from harm
Foreign Corporation Registration
Give this one a try later!
Required to register to business through acquisition of a Certificate of
Authority (if purposeful availment for profit exists). On this certificate, they
inform the state that business is being done of its registered agent whether
domestic or foreign. A registered agent must physically be in state because
they have a sole legal responsibility to receive service of process or accept
other legal documents from state (binds).
Revised Uniform Partnership Act of 1994
Give this one a try later!
treats general partnerships as entities rather than collection of individuals
which leads to dissociation: removal of partner from partnership and the
partnership can go on and mechanism by which dissociating partners
arrange to dispose of their share in business. a.) Rightful Dissociation:
Retirement, death - allows you rightfully leave and still vote on things as
you leave b.) Wrongful Dissociation: Embezzlement, fraud, crimes
48 states adopted RUPA, but we are still under old rules of UPA in NC
Example of Limited Liability
Give this one a try later!
