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CHAPTER 27 Organizational Forms for Small Business

CHAPTER 27 Organizational Forms for Small Business. 27-1 Traditional Small Business Forms 27-2 New and Evolving Small Business Forms. 27-1 Traditional Small Business Forms. GOALS Contrast the roles of general partners and limited partners in a limited partnership

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CHAPTER 27 Organizational Forms for Small Business

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  1. CHAPTER 27Organizational Forms for Small Business 27-1 Traditional Small Business Forms 27-2 New and Evolving Small Business Forms

  2. 27-1 Traditional Small Business Forms GOALS • Contrast the roles of general partners and limited partners in a limited partnership • Explain why the owners of a C corporation would elect the S corporation status Chapter 27

  3. FOCUS • How does a limited partnership or S corporation benefit small business? Chapter 27

  4. LIMITED PARTNERSHIPS • Attributes of the limited partnership • Forming a limited partnership • Record keeping for a limited partnership • Status of the partners Chapter 27

  5. How do general partners differ from limited partners in a limited partnership? Chapter 27

  6. SUBCHAPTER S CORPORATIONS • Attributes of the subchapter S form • Eligibility requirements for an S corporation • Formation of an S corporation Chapter 27

  7. Why would the owners of a C corporation elect to change the organizational form to an S corporation? Chapter 27

  8. 27-2 New and Evolving Small Business Forms GOALS • Explain the attributes of the LLC that make it ideal for small businesses • State why the LLP form is so useful to professional partnerships Chapter 27

  9. FOCUS • Why is the information in this lesson important to me? Chapter 27

  10. THE LIMITED LIABILITY CORPORATION • Formation of an LLC • The operating agreement • Advantages of LLCs • Disadvantages of the LLC Chapter 27

  11. What are the most significant advantages of the LLC for small businesses? Chapter 27

  12. THE LIMITED LIABILITY PARTNERSHIP • Ease of conversion from an existing partnership • Avoidance of double taxation • Partial limited liability protection Chapter 27

  13. What limited liability protection does an LLP offer? Chapter 27

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