|Morris & Morris, P.S.C. stands ready to assist you in identifying which business entity
best suits your particular needs -- whether that is setting up a corporation, a partnership,
or a limited liability company, or whether it involves creation of an employee manual.
Please let us know how we can help you with your business operation.
What is a Corporation?
A corporation is a legal entity created through the filing of Articles of Incorporation with
the Secretary of State. It has a legal status or existence that is separate both from the
individual(s) who form(s) it and its owners.
What is the difference between a "limited partnership," a "limited liability
partnership," and a "limited liability company?"
A limited partnership is a partnership with two kinds of partners: general partners and
limited partners. The general partners manage the business and are subject to unlimited
liability for the debts and obligations of the partnership. Generally, limited partners are
not permitted to participate in the management of the business in exchange for "limited
liability" that frees them from personal liability for the debts and obligations of the
A limited liability partnership is a kind of general partnership where the partners have
limited liability for the acts of other partners.
A limited liability company has some of the characteristics of partnerships and some of
the characteristics of corporations. It is not subject to "double taxation." The owners of
an LLC are called members, and the company is managed by its members or by
managers who are not members. Members have "limited liability" for the obligations of
We look forward to helping you select the best entity for your business needs.
|MORRIS & MORRIS, P.S.C.