Own Your Own Corporation
Chapter One
Your Entity Menu
C corporation
S corporation
Limited Liability Company (LLC)
Limited Partnership (LP)
General Partnership
Sole Proprietorship
As legal business systems and traditions have developed over the
last five hundred years, several structures for running a business
have evolved. Each structure (or entity) has its own advantages and
drawbacks, which we will explore.
As a frame of reference for making your selection, it is important
for you to clarify your strategy in this planning. The purpose of
this chapter is foryou to clearly understand and choose the best
entity for your unique and specific purpose. To that end, the
following checklist should be considered:
1. Protection of family assets and investments
2. Management control
3. Avoiding family disputes
4. Flexibility of decision making
5. Succession of children and other family members to management
6. The nature of the business to be operated
7. The nature of the asset to be held
8. ... read full excerpt from Own Your Own Corporation - Why the Rich Own Their Own Companies and Everyone Else Works for Them ebook
