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s.c. (spółka cywilna): "civil law partnership", itself neither a proper legal entity nor a juridical person, as it is the partners (natural persons) who retain their separate statuses as entrepreneurs and legal entities, albeit bound by an agreement on the sharing of profits, losses and ownership of a business (common pool of assets).
A public benefit corporation is a legal entity that is organized and taxed as either an S corporation or C corporation. A S or C corporation will not change its tax status upon transferring to a public benefit corporation, while an LLC, partnership or sole proprietorship will have to.
Differences between LLCs and corporations LLCs and corporations are both legal entities that business owners can use to formalize their company’s legal status.
The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner. [5]
There are several differences between partnerships and corporations. Key differences include: Corporations establish a separate legal entity, limiting owners’ personal liability, while ...
Such corporations must identify themselves as professional corporations by including "PC" or "P.C." after the firm's name. [1] Professional corporations may exist as part of a larger, more complicated, legal entity; for example, a law firm or medical practice might be organized as a partnership of several or many professional corporations.
Information about your business, including the legal name, structure (e.g., corporation, LLC, sole proprietorship) and address Details about the responsible party, such as their name and SSN/ITIN ...
The articles of incorporation typically include the name of the corporation, the type of corporate structure (e.g. profit corporation, nonprofit corporation, benefit corporation, professional corporation), the registered agent, the number of authorized shares, the effective date, the duration (perpetual by default), and the names and signatures ...
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