Most Common Forms of Business Entity

The lecture series covers various state-recognized business entities, starting with sole proprietorships, which are not formal entities but a common form of business. It then discusses general partnerships, limited partnerships, and limited liability partnerships, highlighting their characteristics and legal requirements. The lecture also explores limited liability limited partnerships, limited liability companies, and corporations, detailing their structures, liability protections, and tax implications. Each entity type is compared in terms of formation, management, and operational flexibility.

Explain the unique characteristics of a limited liability company.

What are the specific tax characteristics of a corporation?