Limited partnerships are costly and complicated to set up and run, and are not recommended for the average small business owner.
What is a Limited Partnership?
100
Limited Liability Company.
This is a form of business organizaton with the liability shield advatages of a corporation.
What is LLC stand for,and what is it?
100
When a single business ownership is shared by two or more people.
What is a Partnership?
200
Limited Partnership resoposibility
Partner is liable for debt
Filling out fees
What are some disavantages of Limited Partnership?
(List one)
200
Tax flexibility
Limmited Liability
Less paper work
What are some Advantages? (List One)
200
easy and inexpensive
complementary skills
partnership insetives for employees
What is an Advantage? (List One)
300
Pass-Through Taxation
The pass-through taxation method flows the profits and losses of an LP to the partners, who report their shares on their individual tax returns.
What is the tax structure of Limited Partnership?
300
self employment taxes
Higher fees
Building capital is hard
What are some disavantages? (List all)
300
disagreements between partner
shared profit
Joint and individual liability
What is a disadvantage? (List One)
400
Tax benefits
Liability limits
The general partners take charge
No turnover issues
Less paperwork
What are the Advantages?
400
Pass through Entity
The business income passes through the business, to the LLC members who give it to their personal tax returns.
What is the tax structure of LLC?
400
Passes Through Method.
The pass through method isprofits and losses of the partnership "pass through" the business to the partners, who pay taxes on their share of the profits