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WSU BLAW 210 - Types of Businesses

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BLaw 210 1nd Edition Lecture 16 Outline of Last Lecture I. W.T.O.II. What WTO doesIII. US attorney generalIV. Corruption defined- transparency internationalV. BriberyVI. Malfeasance Outline of Current Lecture I. Sole ProprietorshipII. General PartnershipIII. Limited PartnershipIV. Limited Liability PartnershipV. Limited Liability CompanyVI. Corporation (for profit)Current LectureI. Sole Proprietorshipa. Are individual or married couple in business aloneb. SP’s are the most common form of business structure i. Simple to form and to operatec. May enjoy greater flexibility of management and fewer legal initialsd. But the business owners are personally liable for all debts incurred by the business e. Tax:i. Personal (marginal) tax rateII. General PartnershipThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.a. Composed of two or more persons who agree to contribute money, labor, and/orskills to a businessi. Profit motive/ expectationsb. Each partner shared the profits, loses, and management of the business and each partner is personally and equally liable for the debts of the partnership c. Formal terms of the partnership are per a written partnership contractd. Tax: personal maginal rates (draw)III. Limited Partnershipa. Composed of 1 or more General Partners ore one more limites partnershipi. The GP’s manage the business and share fully in its profits and losses are liited to the extent of their investmentii. LPI’s are not usually involved in day to day mgmt./ops of the business (risk) iii. Tax: per GPiv. Must register with SOSIV. Limited Liability Partnershipa. Similar to a GP except that normally a partner does not have personal liability for the negligence of another partner V. Limited Liability Companya. Formed by one or more entity with a personal agreementb. Personal liability shieldc. Tax: may yield tax or financial benefits (election)d. PLCCe. Must register with SOSf. Those that form LLC’s are membersi. Managers who can be appointedVI. Corporation (for profit)a. A separate legal entity is formed, has its own rights, privileges and liabilities beyond those of an individuali. Fortune 500b. Personal liability shieldc. Tax: corporate tax rated. Must register with


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WSU BLAW 210 - Types of Businesses

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