Flashcards in Business Entity: Formation Deck (5)
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1
Business Entity
Formation
Sole Proprietorships
Sole Proprietorships
- no formal filing
- do need tax ID
2
Business Entity
Formation
General Partnerships
General Partnerships
- governed by Revised Uniform Partnership Act
- RUPA is a form contract that supplies a contact among partners
- by agreement may vary RUPA provisions
- written agreement not required
- may file with state, but not required
3
Business Entity
Formation
LP's, LLP's, LLLP's, LLC's
LP's, LLP's, LLLP's, LLC's
- must file with state
- governed by Revised Uniform Limited Partnership Act (LLC's have their own version)
4
Business Entity
Formation
Corporation
- Revised Model Business Corporation Act
- Delaware Corporate Code
- must file Articles of Incorporation with state including:
- corporate name
- # of authorized shares
- address of office and registered agent
- names and addresses of incorporators
Process
- file
- hold organizational meeting
- draft and adopt bylaws
- obtain certificates of authority to do business in other states
5
