See Also: S Corporation General Partnership Limited Partnership Partnership Sole Proprietorship Role of a Company Back Office Limited Liability Company (LLC) Definition A Limited Liability Company or LLC is a business form which provides limited liability much like a corporation. There can be an unlimited number of members to the company. There are also many
At The Strategic CFO, we believe in the saying “You scratch our back, we scratch yours.” Everyone always sees other businesses as a competition; to some extent, they are. But sometimes, you just need to let people make money. As we’ve become more focused on optimizing technology, we have started to outsource tasks/projects to outside vendors nationally and,
See Also: S Corporation C Corporation Limited Liability Company (LLC) S Corporation vs C Corporation Although these two entities are very similar, there has always been a debate between an S corporation vs C corporation. The S corporation vs C corporation debate has been ongoing for a while. The following are some major differences that
See Also: Pension Plans Keogh Plan Credit Life Insurance 401k Individual Retirement Account (IRA) Revocable Trust Definition A revocable trust is an agreement between a grantor and trustee where it transfers profit generating assets to the trustee. However, the grantor is still able to generate income from the assets. The grantor is also able to
An S corporation (S-Corp), also called a subchapter S corporation, is a type of business organization that is structured like a corporation but taxed like a partnership. Find the applicable law in Chapter 1, Subchapter S, of the Internal Revenue Code. S-corps do not have to pay corporate income taxes. Instead, include the company’s profits
Partnership Definition A partnership is a type of business organization. Two or more individuals own and operate this business organization. These individuals are partners. Furthermore, it is unincorporated. Although it is not considered a legal entity separate from its owners, the details of this arrangement are stipulated in a contract. Call that contract a partnership
Limited Partnership Definition A limited partnership is a private or public business owned by two or more partners, including both general partners and limited partners. In this type of partnership, the partners share the profits and losses of the business as stipulated in a predetermined agreement. The general partners share the management and control of
Limited Liability Limited Partnership (LLLP) Definition A Limited Liability Limited Partnership or LLLP is a form of business that contains a group of general and limited partners. Generally, the general partners have a managerial interest in running the business; whereas the limited partners have solely a financial interest, or what they invested in the company.
See Also: Joint Costs Mergers and Acquisitions (M&A) Enterprise Value (EV) Due Diligence C Corporation A joint venture or JV is simply the combination of two or more businesses which are joined to enter into a specific business venture. The relationship is temporary until a certain event occurs or the venture has run its course.
See Also: Sole Proprietorship Partnership Limited Partnership S Corporation Tips on How to Manage your Lawyer General Partnership A general partnership, defined as a private business owned by two or more general partners, is one of the most common legal entities which do business. Furthermore, it is unincorporated. General Partnership Explanation A general partnership, explained
See Also: How to Choose An Independent CPA or Auditor How to Hire a CFO Controller American Institute of Certified Public Accountants – AICPA How to create dynamic cash flow projections Control Annual Audit Fees Annual audits of a company’s financial statements may be required by partnership, loan or other agreements. The cost of an
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