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 [...]
Posts Tagged Limited liability partnership
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 [...]
1. Professional Corporation – Corporations Code 2. Limited Liability Partnership – Each shareholder, director, and officer must be a licensed architect 3. Individual architect 4. Normal corporation