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Formation
Requirements
Basic
Organizational
Documents
Continuity of Life
C Corporation
S Corporation
Charter (articles of
organization or certificate
of incorporation), Bylaws
and Incorporators,
Stockholders and
Directors consents
Charter (articles of
organization or certificate
of incorporation), Bylaws,
form 2553 filing with IRS
and Incorporators,
Stockholders and
Directors consents
Yes
Yes
Limited Liability
Company (LLC)
May be complex or simple;
higher costs.
Certificate of Formation
and optional Operating
Agreement
Limited Partnership
(LP)
May be complex or simple;
reasonable costs.
Certificate of Limited
Partnership and Limited
Partnership Agreement
General Partnership
(GP)
May be simple; lower costs.
Partnership Agreement
(optional); Business
Certificate filing with local,
county or state authority.
Operating
Documents
Management
Limited Partnership
Agreement
Limited Partners are
owners along with General
Partner. Limited Partners
are passive investors except
as specified in the Limited
Partnership Agreement.
General Partner(s) controls
the entity and manages day
to day affairs as defined in
the Limited Partnership
Agreement.
Business Trust
Sole Proprietorship
Declaration of Trust
Governed by Trustee(s) as
specified in the Declaration
of Trust.
None
Owned and operated by the
sole proprietor.
C Corporation
S Corporation
Type of Ownership
Interest
Stock
Stock
Business Taxed at
Federal Tax Level?
(Double Taxation)
Yes
No
Business Taxed at
State Tax Level?
Yes
No
Annual Report
Requirements
Yes
Yes
Limited Liability
Company (LLC)
Membership Interests
Limited Partnership
(LP)
Limited Partnership
Interests
General Partnership
(GP)
Partnership Interests
Business Trust
Sole Proprietorship
None Issued
No
No
No
No
Yes
No
No
Yes
No