fill both charts

Sole Proprietorship Corporation ("C") (Inc.) Limited Liability Company (LLC) Number of owners" Easy -no federal/state government approval required - may need local licenses/permits Formation Complex-regulated by Corporation Codes under federal and state laws Easy - requires filings with Secretary of State including "Articles of Organization" filed (formal agreement ordinances) Management (Who/How) Start-up/ Financing Resources Taxation Profit Distribution Liability I'who' assumes) Dissolution Pros Cons *LLC owners are referred to as 'members' Partnerships General (aka Ordinary, GP) Limited (Ltd., LP) Limited Liability (LLP) Number of owners (aka partners) Formation Easy -no federal/state government approval required - may need local licenses/permits (ordinances) (Partnership Agreement is optional) Easy - requires filings with Secretary of State - may need local licenses/permits (ordinances) (Partnership Agreement is optional) Management (Who/How) Start-up/ Financing Resources Taxation Profit Distribution Liability I'who' assumes) Dissolution Pros Cons