Term
| Types of California Business entities: |
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Definition
| C Corp, S corp, Sole Proprietorship, Partnership, Limited Partnership, Limited Liability Company |
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Term
| What are the advantages and disadvantages of a C-Corp over and S-Corp? |
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Definition
A C-Corp can delay taxes untill after distribution however,it results in a double taxation for sharholders
An S-Corp avoids doubletaxation profits and losses flow directly to owners however,restritions allow only 100 shareholders. |
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Term
| When is it appropriate to have a sole proporietership? |
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Definition
| Whentheindividuatial is interested in setting upa buisness withonly one owner, desires little pormatility, is willing to risk personal assets, andwhants to void double taxation. |
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Term
| What are the characteristics of a Partnership? |
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Definition
| Partners are liable for obligations of the partnership, management is generally not centralized, ownership intersts of partners cannot be transferred without the consent of the other partners, and gthe partnerhip generally does not continue beyond thel ives of its owners, and profits and losses flow directly through to the owners. |
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Term
| Limited liablity partnership is... |
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Definition
| At least one general owner who takes all liablity with limited partners and does not have the 100 limit s corp. |
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Term
| Limited Liability Company |
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Definition
| very flexable in structre but must follow llc laws for formation. |
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Term
| How is a corporation's state citizenship determiend? |
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Definition
| By is principal place of buisness(corporate nerve center) and it's place of incorporation,. (may have more than one place of citizenship) |
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Term
| Mandatory provisions of the Articles of Incorporation |
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Definition
Name of incorporation
number of shares
street adress of corproations
name andadress of each incorporator |
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