Flashcards in Business Structures Deck (5)
Difference between LLP and partnership re assets sales?
1. Assets owned by partnership rather than the partners jointly
2. For LLP, interests and responsibilities can be transferred with the asset but the default position is that assignee cannot interfere with LLP business or management
Which business structure(s) have the least onerous compliance and disclosure requirements?
SP and partnership - no ongoing disclosure or commercial requirements
Which business structure(s) are easiest to incorporate?
SP and partnership - but for partnership recommended to use a deed.
LLP and LLC - must register at CH and get Cert of Incorporation
Difference between LLP and partnership re liability of owners?
LLP - members only liable up to their capital contribution (subject to terms of the partnership agreement)
Partnership - partners jointly and severally liable for all debts