Business & UCC

List of Entities

Close Corporation
A close corporation is designed for small family businesses. It is limited to thirty-five (35) or fewer shareholders.

General Partnership (GP)
A general partnership is an association of at least two persons. Any partner may bind all other partners jointly and severally.

Limited Liability Company (LLC)
Generally, a limited liability company consists of two or more members.

Limited Partnership (LP)
A limited partnership consists of two or more partners. The general partner(s) manages the entity and is liable for all the debts of the partnership. Limited partners are only liable to the extent of their investment.

Limited Liability Limited Partnership (LLLP)
A limited liability limited partnership is a limited partnership that registers under state laws so that the general partners will have limited liability similar to limited partners.

Nonprofit Corporation
A nonprofit corporation is an entity formed for religious, public benefit, or mutual benefit of its members and is not intended for profit.

Profit Corporation
A profit corporation is the stalwart business entity most commonly formed for raising capital and limiting individual liability.

Registered Limited Liability Partnership (RLLP)
A registered limited liability partnership is a general partnership that registers in the limited liability partnership form.

Sole Proprietorship
The term "sole proprietorship" means that the business is the same as its owner. The assets and liabilities of the business are one and the same as the owner. There is no mandatory filing requirement on the state level; however, a sole proprietor may register a trade name.

Statutory Trust
A statutory trust is a "business trust" type of entity.

Trade Name
A trade name means a word, name, or any combination thereof used by a person to identify his business, vocation, or occupation and to distinguish it from the business, vocation, or occupation of others.

Trademark/Service Mark
A trademark means any word, name, symbol, or any combination thereof used by a person to identify the goods that he manufactures or sells. A service mark means any word, name, symbol, or any combination thereof used by a person to identify the services that he provides.

For additional information about the business entities mentioned here, please refer to The Choice Is Yours pamphlet.