Limited Partnership
LLC
Partnership
100
What is Limited Partnership?
Limited partnerships are costly and complicated to set up and run, and are not recommended for the average small business owner.
100
What is LLC and what does it stand for?
Limited Liability Company. This is a form of business organizaton with the liability shield advatages of a corporation.
100
What is a Partnership?
When a single business ownership is shared by two or more people.
200
What is a disadvantage of Limited Partnership?
Limited Partnership resoposibility Partner is liable for debt Filling out fees
200
What are some advantages? (List one)
Tax flexibility Limmited Liability Less paper work
200
What is an advantage? (List one)
Easy and inexpensive Companies a whole do not need to pay income tax. More Capital and Expertise
300
What is the tax structure of Limited Partnership
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.
300
What are some disadvantages? (List all)
self employment taxes Higher fees Building capital is hard
300
Disagreements between partners. Partnerships have a limited life Unlimited liability
What is a disadvantage? (List One)
400
What are some Limited Partnership Advantages?
Tax benefits Liability limits The general partners take charge No turnover issues Less paperwork
400
What is the tax structure of LLC?
Pass through Entity The business income passes through the business, to the LLC members who give it to their personal tax returns.
400
What is the tax stucture of a Partnership?
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
500
What is MLP? List one of those comapnies?
Master Limited Partnership. Sunoco LP Valero Energy Partners LP Shell Midstream Partners
500
What happens when a member wants to leave LLC?
The LLC disolves, members must pay all debts and fullfil any remaining obligations.
500
What are three Partnerships?
General partnerships Limited partnerships Joint Ventures