BLaw 210 1nd Edition Lecture 16 Outline of Last Lecture I W T O II What WTO does III US attorney general IV Corruption defined transparency international V Bribery VI Malfeasance Outline of Current Lecture I Sole Proprietorship II General Partnership III Limited Partnership IV Limited Liability Partnership V Limited Liability Company VI Corporation for profit Current Lecture I II Sole Proprietorship a Are individual or married couple in business alone b SP s are the most common form of business structure i Simple to form and to operate c May enjoy greater flexibility of management and fewer legal initials d But the business owners are personally liable for all debts incurred by the business e Tax i Personal marginal tax rate General Partnership These 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 III IV V VI a Composed of two or more persons who agree to contribute money labor and or skills to a business i Profit motive expectations b 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 contract d Tax personal maginal rates draw Limited Partnership a Composed of 1 or more General Partners ore one more limites partnership i The GP s manage the business and share fully in its profits and losses are liited to the extent of their investment ii LPI s are not usually involved in day to day mgmt ops of the business risk iii Tax per GP iv Must register with SOS Limited Liability Partnership a Similar to a GP except that normally a partner does not have personal liability for the negligence of another partner Limited Liability Company a Formed by one or more entity with a personal agreement b Personal liability shield c Tax may yield tax or financial benefits election d PLCC e Must register with SOS f Those that form LLC s are members i Managers who can be appointed Corporation for profit a A separate legal entity is formed has its own rights privileges and liabilities beyond those of an individual i Fortune 500 b Personal liability shield c Tax corporate tax rate d Must register with SOS