What different forms of business entities are available for you to choose from in forming an architectural practice in California?

List one positive and one negative aspects of each

a. Sole proprietorship

i. Positive – simplifies decisions and allocation of responsibilities
ii. Negative – personal liability

b. General partnership

i. Positive – no local or state filings are necessary to create
ii. Negative – personal liability

c. Limited Liability Partnership

i. Positive – limited personal liability
ii. Negative – limited partner can’t make management decisions

d. Corporation

i. Positive – limits personal liability
ii. Negative – must adhere to corporate business practices

Tags: Corporation, Limited liability partnership, Limited partnership, Sole proprietorship