Fred and Martin are independent realtors who have decided to go together to synergize their business. You are their lawyer and they want to know all of the available entities that could be formed. They have decided that they want to discuss the following business entities with you: General Partnership, Limited Partnership, Corporation, Limited Liability Company, and Limited Liability Partnership. In the context of each entity you are to discuss:
The requirement of filing with the Secretary of State. Does the entity have to be filed with the Secretary of State?
The type of Articles to be filed. Include the title of the particular articles.
The specific name of the owners. Are they general or limited partners? Are they stockholders? Are they members?
The nature of liability, that is, whether is limited or unlimited and whether a general partner is required. (Note: Corporations and Limited Liability Companies do not require general partners.)
Whether this company is a viable choice for them. Discuss the viability and whether as their attorney you would recommend it.
General Partnership
(1)
(2)
(3)
(4)
(5)
Limited Partnership
(1)
(2)
(3)
(4)
(5)
Corporation
(1)
(2)
(3)
(4)
(5)
Limited Liability Company
(1)
(2)
(3)
(4)
(5)
Limited Liability Partnership
(1)
(2)
(3)
(4)
(5)