1. Chapter 17: Business Entities Chapter 17 Business Entities

2. Chapter 17: Business Entities Business Entities One of the major decisions confronting a business owner from a tax and legal perspective concerns selecting the form in which the business will operate.

3. Chapter 17: Business Entities Business Entities Sole proprietorship Partnership Limited liability partnership Corporation S corporation Limited liability company

4. Chapter 17: Business Entities Sole Proprietorship Management operation and decision-making Legal liability Taxation Tax ramifications of formation, business operation

5. Chapter 17: Business Entities Partnership Management operation and decision-making General partnership Limited partnership Legal liability General partnership Limited partnership Taxation Flow-through entity Tax ramifications of formation, business operation, withdrawals or distributions

6. Chapter 17: Business Entities Limited Liability Partnership Management operation and decision-making Legal liability Taxation

7. Chapter 17: Business Entities Family Limited Partnership Management operation and decision-making Legal liability Taxation

8. Chapter 17: Business Entities Corporation Management operation Directors, Board of directors, Officers Legal liability Taxation Tax ramifications of formation, business operation, withdrawals or distributions Double taxation of dividends

9. Chapter 17: Business Entities S Corporation Management operation and decision-making Legal liability Taxation Tax ramifications of formation, business operation, withdrawals or distributions

10. Chapter 17: Business Entities Limited Liability Company Management operation and decision-making Members – LLC owners Managers – LLC management Legal liability Taxation Tax ramifications of formation, business operation

11. Chapter 17: Business Entities Selecting the Proper Business Form Factors to be considered in selecting a business entity: Simplicity of formation and operation Ownership restrictions Limited liability Management operations Tax characteristics Startup losses Double taxation of dividends