CORPORATIONS, LLC & PARTNERSHIPS

Corporations, limited liability companies (LLCs), and partnerships are different types of business arrangements with unique qualities. One thing they all have in common, however, is the potential for a dispute amongst members that could compromise the business’ success.

What Is Right For Me?

What Is an LLC?​

A limited liability company is a fusion of partnerships and corporations. It is not as formal as a corporation, in that it does not require bylaws, meetings, or a certain number of members, but LLCs have their downsides, as well. If the membership of an LLC disbands, the business will likely be dissolved, whereas corporations can endure. Similar to a corporation, however, members of an LLC are not personally liable for any of their business’ shortcomings or failures.

 

What is a Partnership?​

A business shared between two owners who split profits is called a partnership. While they may not be taxed as heavily as the members of a corporation, they may be exposed to greater liability. 

 

Disputes

Business disputes can have a profound effect on the success of a company. When members disagree, investments may be withdrawn as a result. To protect the interests of a business and all of its members, disputes should be approached cautiously. In some cases, the assistance of a business attorney may be necessary.

To learn more about corporations, partnerships, and limited liability companies, or for business dispute mediation, contact us by calling (785) 625-8040 or filling out this quick form today.

The information on this website is for general information purposes only and does not constitute legal advice. Every case is different and outcomes depend on the facts or each case and the then applicable law. For specified questions, you should consult a qualified attorney.Use of this website does not create an attorney-client relationship

© 2018 by Clinkscales Elder Law Practice, P.A. Site Created By Marketing Maven.

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