Legal Business Structures Table - Delaware
[Pages:1]Legal Business Structures Table
TYPE
OWNERSHIP
CONTROL
LIABILITY
T?(ATION
FILING FEE
Sole Proprielorshlp
Indiv?dual
Gneral Partne?ship
6 Qe!.c., s15-1 01
Two or mo?e individuals or other enl?ties according to partnership
agreement
Llmited Partnersh?p
6 Dsl.c.. s17-r0r
Two or mors ownsrs; two
classes of owners; general partners and limited partners
"C" Corporation
I Qel.Q.
Shareholders (Unlimited
number)
Subchapter "S" Corporation 8ge!.C.
Shareholders
Limited Liability Company
6 Psl.q,
s18-101
One or more members
Limited Liability Partnership 6 Qe!.c., s17-214
Two or more owners; limited p?rtners
Controlled by Owner
Gontrolled by th partners in accordance with partnership agr?ment
General partne(s) may d?ssolv et tha?r discrel?on, limited partners do no hav6 lhis oplion. General partners generally run bus?ness, as specified in partnership aqreement Owners share ownersh?p lh?ugh stock, and business is managsd through a Board of Directors; certain legal regulations also apply
Same as "C" Corporation Above
Own6r ig perBonally liabl for all business debts
All paflners are jointly and s?verally liabls for all parlnersh?p debts
General padner(s) ara fully liable for all business debts, l?m?ted pertners only liable to extent of capital invstd
Ownefs ilablllty is llm?ted to amount of capital contributed unless acting as guarantor of corporate dbt
Same as'C" Corporation above; generally limitgd to assets in corporation
All business income is considered personal income to lhe ow?rer and is taxed at personal income tax rates lndiv?du?l paftners' prorated share of partnership income or loss is included on the respGctfue income tax retum of lhe partner and tax?d at prsonal or corDorale rat?s Same as gener?l partnerslSp
Corporat?on pay tax on bus?nss income at corpor?te tax rate: profits distributed to shareholders and afe laxd at personal income tax rate
Corporation not taxed; income ?s taxable to the shareholders at their personal income tax rate
None
$300.00 Payable to the Secretary of State
6 Del.C., s1s1208
$300.00 Payable to Secretary of State 6 Del.Q, s17-1 1 09
??!8.
s391 Based on the number of aulhorized shaf?s or assumed nopar capltal payable to
Secr?tary of Slate
I
s3s1 Based on the number of authorlzed shares or assumed nopar cap?lal payable to Secretary of
Contrclled by members or managerc, as set out in operating agreement
Generally, same
as'C'
Corporalion
above
Controlled by partners in
accordance with partnership
agreement
Limitd and General partners only liable to extent of capital ?nvested
TarGd as partnership,
@rporation or may be disregaded depending on election rnade. See 'Check lhe Bo)C' reoulations
Same as general partnership
8300.00 Payable to Secretary of Slate 6 Del.C., s18-1 1 07
$200.00 per partner not to exceed $120,000.00 Payable to Secrctary of State
I, Del.C.
G15-1207
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