Chapter 27 organizational forms for small business
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CHAPTER 27 Organizational Forms for Small Business. 27-1Traditional Small Business Forms 27-2New 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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CHAPTER 27Organizational Forms for Small Business

27-1Traditional Small Business Forms

27-2New and Evolving Small Business Forms


27-1Traditional 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


FOCUS

  • How does a limited partnership or S corporation benefit small business?

Chapter 27


LIMITED PARTNERSHIPS

  • Attributes of the limited partnership

  • Forming a limited partnership

  • Record keeping for a limited partnership

  • Status of the partners

Chapter 27


How do general partners differ from limited partners in a limited partnership?

Chapter 27


SUBCHAPTER S CORPORATIONS

  • Attributes of the subchapter S form

  • Eligibility requirements for an S corporation

  • Formation of an S corporation

Chapter 27


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

Chapter 27


27-2New 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


FOCUS

  • Why is the information in this lesson important to me?

Chapter 27


THE LIMITED LIABILITY CORPORATION

  • Formation of an LLC

  • The operating agreement

  • Advantages of LLCs

  • Disadvantages of the LLC

Chapter 27


What are the most significant advantages of the LLC for small businesses?

Chapter 27


THE LIMITED LIABILITY PARTNERSHIP

  • Ease of conversion from an existing partnership

  • Avoidance of double taxation

  • Partial limited liability protection

Chapter 27


What limited liability protection does an LLP offer?

Chapter 27


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