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Tag: business bankruptcy

Operating as a Sole Proprietor

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Operating as a Sole Proprietor you own your business assets and personally operate your business. You are treated as one with the business for tax purposes. A sole proprietor is personally liable for the contracts and activities of the business. Your personal and your business assets are exposed to all personal and business liabilities. If […]

Operating as a Sole Proprietor

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A sole proprietor owns the business assets, operates the business and is treated as one with the business for tax purposes. The proprietor is personally liable for all of the contracts and activities of the business. All of the proprietor’s personal as well as the business assets are exposed to all personal and business liabilities […]

Transferring an existing business to a corporate form

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Transferring an existing business to a corporate form: Whether the corporation is formed before or after the beginning of business operations does not affect the six corporate characteristics as between the owners and managers, but it can have an effect on the relationship of these persons to third parties. This can occur in several ways: […]

Corporations: General discussion:

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Corporations: General discussion: Business corporations control the largest proportion of the wealth and business of our country. Originally called societies, corporate personality was recognized as far back as 1754 B.C. in the law of the Babylonian Empire, four thousand years ago, as well as by the Roman law. Modern corporations have 6 distinct characteristics. They […]

There are four types of partnership in Pennsylvania:

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There are four types of partnership in Pennsylvania: • General Partnerships • Limited partnerships • Electing Partnerships • Registered Limited Liability Partnerships. I will discuss only some of these here. The two basic types of partnerships are general partnerships and limited partnerships. A general partnership has only general partners, all of whom are liable for […]