Selection and Formation of Business Entities

Free CPA REG (Taxation & Regulation) lesson in Business Law. 18 min read, ~2,774 words.

GP forms automatically by conduct with no filing, carries joint and several liability, and is governed by RUPA defaults. LP needs a state-filed certificate of limited partnership plus at least one general partner; limited partners stay shielded only if they stay out of management. LLP is a GP that has...