by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP How will my LLC be taxed? LLCs, if the members so choose, are taxed as partnerships. The LLC does not pay taxes. The profits and losses in the partnership pass through to the members pursuant...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] [cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP Sole Proprietorship Tax Overview A sole proprietorship is not a separate tax entity. Sole proprietorship income is treated as personal income of the owner. That is, the profits or losses...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP Types of Partnerships There are multiple types of partnership, including a general partnership, limited partnership, limited liability partnership, and joint venture. General Partnerships A...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP What does it mean to be at-will partners? As previously noted, a general partnership may arise simply through an intent to undertake mutual activity for a profit. That is, parties who do not...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP Tort Liability of Partners General partners are personally liable for the torts of the partnership. Likewise, the partnership is liable for the acts of its agents, which includes any partners of...
by TheBusinessProfessor | Feb 23, 2025 | Business Entities, Corporate Governance & Ownership
[cite] Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP Responsibilities to the Partnership Partners owe general duties and responsibilities to the partnership. These responsibilities include: a duty of loyalty and care, equal profit sharing (unless...
