Entities for Ownership Flashcards
Arizona Corporation Commission
A state of Arizona agency that regulates corporations and limited liability companies
Articles of Incorporation
A document filed in a state which a corporation is formed that establishes a corporate entity
Articles of Organization
A document filed with the Arizona Corporation Commission to form an Arizona LLC
Corporation
A legal entity formed and authorized by law to act as an individual person with rights and liabilities distinct from those of the persons comprising it
Entity Taxation
The basic difference between a corporation and a partnership
General Partnership
An association of two or more persons (natural or legal) who share in the management and operation of the business, as well as the profits and losses
Limited Liability Company
LLC combines the most favorable attributes of a partnership and a corporation, consists of partners governed by its operating agreement
Limited Partnerships
A group of passive investors who, as a class of limited partners, join with a general partner who manages the investment or business enterprise
Operating agreement
An agreement between members of a limited liability company that is similar to the bylaws and shareholders’ agreement of a corporation, or the partnership agreement of a partnership
Parnership
An agreement of two or more individuals jointly to undertake a business enterprise
