About This Chapter
Types of Business Organizations - Chapter Summary and Learning Objectives
In this chapter, our instructors introduce you to the varying types of partnerships, companies and corporations. You can explore the advantages and disadvantages of each as well as their tax responsibilities and member liability. By the end of this chapter, you should be familiar with the following concepts:
- Relationships between partnership type and individual liability
- Processes for creating and dissolving partnerships or corporations
- Differing tax structures for corporations and partnerships
- Responsibilities of a corporation's board members and officers
|What Is Sole Proprietorship: Definition, Advantages & Disadvantages||Describes a business organization in which one owner is responsible for all profits and losses|
|Creating a Business Partnership Agreement||Illustrates the steps involved in creating a partnership and the considerations for drafting a partnership agreement|
|Tax Structure and Liability of Business Partnerships||Describes flow-through tax treatment and the liability of each partner's actions|
|Dissolution and Termination of a Partnership||Explains when a dissolution occurs and the procedures involved in 'winding up' a partnership|
|General Partnership: Definition, Advantages & Examples||Defines a general partnership and explains the partners' liabilities|
|What Is a Limited Partnership? - Definition, Advantages & Disadvantages||Provides an overview of business organizations containing partners who do not participate in management decisions and therefore do not carry any liability|
|What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages||Explores the pros and cons of a limited liability partnership in which members are not held liable for each other's negligent behavior|
|What Is a Limited Liability Company? - Definition, Benefits & Examples||Describes a limited liability company's legal structure and explains the role of its members|
|How to Create a Corporation||Summarizes the process of creating a corporation before defining and discussing S corporations|
|Shareholder, Board of Director & Officer Roles||Discusses corporate structure and the roles of shareholders, board members and officers in overseeing day-to-day operations and organizational goals|
|What Are Dividends? - Investing in Stocks||Outlines classes of shares and stocks, as well as dividends and how they're determined|
|Tax Structure and Liability of Corporations||Defines double taxation, limited liability and the legal decision known as 'piercing the corporate veil'|
|How to Dissolve a Corporation||Explains the steps required to dissolve a corporation, including voting among its members and filing the proper forms with the state|
1. What Is Sole Proprietorship: Definition, Advantages & Disadvantages
Most businesses are sole proprietorships. This is the easiest and most straightforward type of business to form. Sole proprietorships are owned and run by only one person. This lesson explains sole proprietorships.
2. Creating a Business Partnership Agreement
Many businesses are partnerships. These are businesses owned by two or more people. This lesson explains how partnerships are created and the use of partnership agreements.
3. Tax Structure and Liability of Business Partnerships
Many businesses are partnerships. These are unincorporated businesses owned by two or more people. This lesson explains the tax structure of partnerships and the liability of general partners.
4. Dissolution and Termination of a Partnership
A partnership is an unincorporated business owned by two or more people. When the partners decide to no longer do business together, they must dissolve, wind up and terminate the partnership. This lesson explains dissolution and winding up.
5. General Partnership: Definition, Advantages & Examples
Many businesses are structured as general partnerships. General partners share both the benefits and obligations of the business. This lesson explains general partnerships, including the advantages and the liabilities.
6. What Is a Limited Partnership? - Definition, Advantages & Disadvantages
Many businesses are formed as partnerships. There are several different types of partnerships. This lesson explains the advantages and disadvantages of limited partnerships.
7. What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages
Many businesses are formed as partnerships. There are actually several different types of partnerships, including limited liability partnerships. This lesson explains the advantages and disadvantages of limited liability partnerships.
8. What Is a Limited Liability Company? - Definition, Benefits & Examples
A limited liability company is a popular business structure that provides the benefits of both a partnership and a corporation. This lesson explains the benefits of limited liability companies.
9. How to Create a Corporation
A corporation is a complex business structure that allows for the separate existence of the business from the individuals that run the business. This lesson explains corporations and how to create a corporation.
10. Shareholder, Board of Director & Officer Roles
A corporation is a complex business structure made up of many different individuals. This lesson explains the corporate roles of shareholders, the board of directors and officers.
11. What Are Dividends? - Investing in Stocks
Many people are interested in stock investment, and there are a few basic terms investors and business people should understand. This lesson explains dividends, common stock and preferred stock.
12. Tax Structure and Liability of Corporations
A corporation is a complex business structure with unique characteristics pertaining to taxation and liability. The advantages of a corporation are subject to certain rules. This lesson explains double taxation, limited liability and piercing the corporate veil.
13. How to Dissolve a Corporation
Corporations generally have perpetual existence. Therefore, a corporation must be dissolved if the owners wish to terminate the corporation's existence. This lesson explains corporate dissolution.
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Other chapters within the Business Law Textbook course
- History of American Law
- Sources of Law
- Constitutional Law
- American Legal Systems
- Legal Procedures
- Contract Law Basics
- Capacity in Contract Law
- Contract Law and Third Party Beneficiaries
- Contracts: Assignment and Delegation
- Contracts: Statute of Frauds
- Contracts: Scopes and Meanings
- Contracts: Breach of Contract
- Contracts: Discharge of Contracts
- The Legal Environment
- Securities and Antitrust Law
- Property Law
- Creditors' Rights
- Product Liability and Consumer Protection
- International Business Law
- Torts in Business Law
- The Role of Agency in Business Law
- Sales & the Law