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Proprietorship Partnership Corporation-C Corporation-S LLC LLP Ease of formation Number of owners Owners’ liability General partner...

Proprietorship

Partnership

Corporation-C

Corporation-S

LLC

LLP

Ease of formation

Number of owners

Owners’ liability

General partner

Limited partner

Life of firm (consequence of 1 owner dying)

Is it a separate legal entity?

Are owners & the business taxed separately?

Degree of control by 1 owner

General partner

Limited partner

Complete the above table.

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Answer #1
Proprietorship Partnership Corporation C Corporation S LLC LLP
Ease of formation It is easy to form Not easy Not easy Not easy Not easy Not easy
Number of owners one Two Two Two Two Two
Owners’ liability Unlimited Limited & Separate Limited & Separate Limited & Separate Limited & Separate Limited & Separate
Life of firm (consequence of 1owner dying) Firm will get wound up if owner dies
Is it a separate legal entity? No Yes Yes Yes Yes Yes
Are owners & the business taxed separately? No Yes Taxed at two levels; Corporate tax and tax on the profit distributed(Double tax) Taxed at one level; only on the profit distributed One level of taxation One level taxation
Degree of control by 1 owner One All partners have control All shareholders have control All shareholders have control Owned by Members All partners have control
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