New Companies
Jack has 30 years of experience helping clients choose the right business entity for their business. Here are several common forms:
* Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability of the debts incurred by the business.
* Partnership: A partnership is a form of business in which two or more people operate for the common goal of making profit. Each partner has total and unlimited personal liability of the debts incurred by the partnership. There are three typical classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships.
* Corporation: A business corporation is a for-profit, limited liability entity that has a separate legal personality from its members. A corporation is owned by multiple shareholders and is overseen by board of directors, which hires the business's managerial staff.
* Limited liability company (abbreviated by L.L.C. or LLC) is a legal form of business company offering limited liability to its owners. It is often incorrectly called a "limited liability corporation" (instead of company). It is similar to a corporation, and is often a more flexible form of ownership, especially suitable for smaller companies with a limited number of owners. A limited liability company is generally treated for U.S. federal taxation purposes as a partnership. An LLC can elect to be member-managed or manager-managed.