An LLC is a legal entity separate from its owners. A general partnership is a legal entity created by the general partners. Both are comprised of several individuals owning and managing the business, which is a separate legal entity. When a business has more than one owner, each of the owners is a member of the legal entity and the business.
The issue is, if you have one business and several partners, then how do you go about determining who is the “owner” and who is the “member?” If you look at the articles that cover this topic, LLC’s are usually owned by the partners. However, that’s not quite the case with a general partnership. The general partners are the legal owners of the business and the legal members in the partnership are the owners of the legal entity.
This is the most useful section of the article. I’ve been meaning to write this article in the last few weeks, but I’m not sure if I will ever have the time to do it. The issue of LLCs and general partnerships are important because they establish a very clear model for how corporations are organized in the United States.
Corporations are organized into a hierarchical structure in the United States. While there are a lot of variations on the structure, the first thing that sets them apart is that they are organized as a separate legal entity from the owners. As a corporation, you are legally separate from all of the people in it, but as a different legal entity you are legally separate from all of the people in it.
In the United States, the corporation is a legal entity, but not all corporations are legal entities. Corporations that are not legally separate from the people in the organization are called unincorporated associations.
As a corporation that is not legally separate, the shareholders are the owners, and the directors are the officers of the company. In the United States, most corporations are not legally separate from the people who compose them, and the people who compose the corporation are called shareholders. In Canada, most corporations are not legally separate from the people who compose them and the people who compose the corporation are called directors.
Corporations in Canada and the U.S. are not legally separate from their shareholders, directors, or officers, so they can be sued by the shareholders and the directors, who are also the officers of the company.
If you do not have a corporation, the only legal way to do business in Canada is by becoming a shareholder in the company or by becoming a director. In the U.S., most companies are not legally separate from their shareholders, directors, or officers, so they can be sued by the shareholders and the directors, who are also the officers of the company.
This is where the legal system fails us. Because our very existence is based on the idea that shareholders will be able to sue me for a piece of my business. The only way to avoid this is to create a corporation. I know that sounds crazy, but it actually makes sense. A corporation is the legal entity for a company. It is the owner of the company and the directors of the company. So if we create a corporation, we can avoid being sued by our shareholders and directors.
If you create a corporation, you also create a separate board of directors to represent the corporation. These directors are the corporate officers. These are the ones that will be able to sue you, but they’ll be able to only sue you if you’re also a director (or if you’re an officer or employee) of the company.