Raimondi & Orton, Ltd. provides you with the legal expertise to help you determine what corporate structure is best suited for your business needs. After determining the proper structure, we can then assist you in forming the corporation or partnership, making sure that it complies with the laws governing that particular entity.
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Types of Corporate Entities
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C-CORPORATION: corporation owned by its shareholders and governed by a Board of Directors. Double taxation occurs. The corporation must file its own income tax return and the individual shareholders are taxed on any profits derived from the corporation. Shareholders are shielded from personal liability in most situations.
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S-CORPORATION: similiar to a C-Corporation, however, number of shareholders must not exceed 75 and shareholders may only be either an individual, an estate, or a specific type of trust. S-Corporations are not subject to federal income tax because any profits and losses pass through to the shareholders. Shareholders are shielded from liability in most situations.
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PARTNERSHIP: an association of two or more persons who carry on as co-owners of a business for profit. Governed by a Partnership Agreement. Any profits and losses pass through to the shareholders. All partners are jointly and severally liable for everything chargeable to the partnership.
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LIMITED PARTNERSHIP: similar to partnership but contains both general partners and limited partners. Limited partners are not liable for the obligations of the partnership.
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LIMITED LIABILITY COMPANY: an unincorporated form of doing business that provides its owners, called members, with limited liability. Governed by an Operating Agreement.
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Raimondi & Orton, Ltd.
161 North Clark, Suite 2500
Chicago, Illinois 60601
V: 312.701.1022
F: 312.855.0350
www.raimondiandorton.com
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