MGMT 127B Chapter Notes - Chapter 10: Limited Liability Company, Limited Partnership, General Partnership
Document Summary
A person in an s corp can be an individual, trust, estate, corp, association, other partnership etc. General partnership: two or more partners who are general partners and participate in management of the entity: no limited partners. Limited liability company (llc): combines the corporate benefit of limited liability for the owners with the benefits of partnership taxation: generally treated as a partnership for all federal tax purposes. Limited partnership: at least one general partner and one or more limited partners. Limited liability partnerships: organizational form of choice for most large accounting firms. A partnership is not a taxable entity- the taxable income or loss of the partnership flows through to the partners at the end of the partnership"s tax year. Separately stated items might affect any two partners" tax liabilities in different ways. It may also allocate items in a different proportion from the general profit and loss sharing ratios.
