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LAW 531 Business Entities Paper

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Business Entities
LAW/531
Apr 11, 2019
Mr. Timothy Sheaffer

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Business Entities
Determining the type of business is essential because you have to decide on what entity
to go with from Corporation, Franchise, Limited Liability Company (LLC), Limited Liability
Partnership, or Partnership (Cheeseman, 2016).
Partnership
With a partnership, there are no fees associated with the creation of the business and it is
easy to maintain. Similar to a sole proprietorship, loss and profits can be reported on an owner
personal income tax when filling on a Schedule C Form. An example of a partnership is where
family or friends partner up and go into business together as the two brothers did from
McDonald's, and then comes along Ray Kroc and it became a franchise (Cheeseman, 2016).
Limited Liability Partnership (LLP)
Accountants, doctors, and lawyers use this type of entity. In a certain landscape, there is
a partnership between professionals. This is a special type of interest, and through the Secretary
of State's office, a document must be filed to start an (LLP). Each state is different. An example
is in one building have an accountant, doctor, and lawyer in one building together to receive
unique benefits as a whole, and two lawyers specializing in different aspects of the law in
general (Cheeseman, 2016).
Limited Liability Company (LLC)
Generally, between a corporation and person, a partnership is formed and called an
(LLC). They can be taxed as a corporation or partnership and that is up to the (LLC). To hold
this title with other entities it does cost, and laws must be upheld. An example of this is that
McDonald's had to be turned into an (LLC) in order for Ray Kroc to control their growth
globally and nationally (Cheeseman, 2016).

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1 Business Entities LAW/531 Apr 11, 2019 Mr. Timothy Sheaffer 2 Business Entities Determining the type of business is essential because you have to decide on what entity to go with from Corporation, Franchise, Limited Liability Company (LLC), Limited Liability Partnership, or Partnership (Cheeseman, 2016). Partnership With a partnership, there are no fees associated with the creation of the business and it is easy to maintain. Similar to a sole proprietorship, loss and profits can be reported on an owner personal income tax when filling on a Schedule C Form. An example of a partnership is where family or friends partner up and go into business together as the two brothers did from McDonald's, and then comes along Ray Kroc and it became a franchise (Cheeseman, 2016). Limited Liability Partnership (LLP) Accountants, doctors, and lawyers use this type of entity. In a certain landscape, there is a partnership between professionals. This is a special type of interest, and through the Secretary of State's office, a document must be filed to start an (LLP). Each state is different. An example is in one building have an accountant, doctor, and lawyer in one building together to receive ...
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