Midterm powerpoint on Limited Partnership, Limited Liability Partnership, Professional Corporation

1. Limited Partnership, Limited Liability Partnership, Professional Corporation By: Stephanie Fuentes

3. Protection of Assets

4. Profits reported on personal tax return

5. Protected from liability in business lawsuit.

7. Unlimited Liability for debts and obligations

8. Divide authority between partners

11. Same general management responsibilities

12. Some protection to partners from malpractice suit against different partner

14. In some states professionals form corporations, but with the difference that each professional is still liable for his or her own wrongful professional actions.

15. Protection of assets and against liability are the same as with a traditional corporation.

16. Shareholder is not personally liable for acts by other shareholders but the corporation is jointly and severally liable for employee actions. EX: Nurse under supervision of doctor commits or is accused of negligence. Both nurse and doctor named in lawsuit would be considered professional corporation.

18. In some states Professional Corporations are the only options available, but there are other states that give them the option of either a Professional Corporation, S or C corporation.