GENERAL PARTNERSHIP:

  • All partners participate in the operation of the business
  • No formal requirements to create
  • Generally, partners share profits and losses equally
  • Generally, partners jointly and severally liable for debts and obligations
  • Essential for partners to enter into a comprehensive partnership agreement to avoid default laws

LIMITED PARTNERSHIP:

  • One or more general partners participate in the operation of the business
  • One or more limited partners who contribute capital and share profits but do not manage the business
  • General partners jointly and severally liable for debts and obligations
  • Limited partners liable only for their amount of their capital contribution

LIMITED LIABILITY PARTNERSHIP:

  • Limited liability for general partners and limited partners
  • Formal requirements to create

LIMITED LIABILITY COMPANY:

  • Statutorily created entity
  • Formal requirements to create
  • Elect to be manager managed or member managed
  • Limited liability enjoyed by all members
  • No double taxation

CORPORATION:

  • Entity that has authority to act as a distinct, single person separate from its shareholders
  • Must follow formal requirements to create
  • Shareholders enjoy limited liability
  • Centralized management
  • Double taxation

Have Questions? Schedule a Free and Confidential Consultation

The Law Office of Samuel Solodar would like to discuss your business planning needs. Samuel Solodar is a knowledgeable business attorney who is dedicated to providing friendly and accessible service. Every consultation is directly with Samuel Solodar.

If you are located in Travis, Williamson, or Hays County do not hesitate to give us a call at (512) 375-0321.

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