Distinguishing Types of Business Entities

How is the business formed $($formalities$)?$

What formalities are required to keep the business in "good standing"?

Describe any limitations on the number or types of investors.

Discuss the management structure. How is decision$-$making divided?

How do investors vote $--$ proportional or equal or some other means? Are there or can there be different voting rights with different classes of investors? Explain.

How are profits and losses split?

How are the profits$/$income taxed? Does the entity have a choice?

Describe liability exposure for investors and managers.

What is the extent of contract & tort liability?

Is there a "limited liability" $($LL$)$ shield for investors?

How complete is the shield?

How is the shield maintained?

What is the unique or most important characteristic about this type of business entity?