What is a Corporation?

A corporation, generally speaking, is a legal entity that exists separately from its owners. While normally limiting the owners from personal liability, taxes are levied on the corporation as well as on the shareholders. The sale of stocks or bonds can generate additional capital and the longevity of the corporation can continue past the death of its owners. A corporation comes into existence when a […] Read more »

What is a Limited Liability Company (LLC)?

Limited Liability Company A Limited Liability Company, or LLC, is a newer form of business entity. It has advantages over corporations and partnerships. The LLC’s main advantage over a partnership is that, like the owners (shareholders) of a civil law corporation, the liability of the owners (members)  of an LLC for debts and obligations of the LLC is limited to thier financial investment. However, like […] Read more »

What is a Limited Liability Partnership (LLP)?

In general terms, a partnership exists any time two or more persons carry on a business for profit as co-owners. Each partner has unlimited personal liability for all the partnership’s debts and implied authority to legally bind the partnership. Although the law requires no formal partnership agreement, it is highly advisable to adopt a written agreement and set up a Limited Liability Partnership  (LLP) or […] Read more »