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Created with Fabric.js 1.4.5 U.S. CORPORATIONS Setting up corporations Types of Corporations Sole Proprietorships Is the simple business forms but is not a sole entity becauselegally has not separate existence from its owner and he has unlimited personal liability for any debt of the firm. Partnerships Is the relationship existing between two or more persons who join to carry on a trade or business. All partners are liable for the firm debts. Limited Liability Companies Is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. So all the owners have limitedliability. Corporations A corporation is a legal entity separate form its owners and created through the lawsof its state of incorporation Steps to form a corporation 1. Choose a corporate name and address.2. Select a State in which to incorporate.3. File fictitious name registration.4. Select a board of directors for your corporation.5. File Articles of Incorporation.6. Create corporate "bylaws".7. Hold First Shareholder Meeting.8. Process and file all incorporation paperwork with registered agent. 9. Obtain the Certificate of Incorporation10. Obtain appropriate licenses and permits. There are many different reasons for considering the creation of a corporation, like invest in a project, setting your own business and do other activities without risk.Many of those reasons will deal with things such as liability for debts, damages, and the everpresent need to limit the tax liability you and others will incur.For that reasons, we will review the different kind of corporations that we can create for different purposes. Definitions Bankruptcy:Dividends:Stock market:Primary market:Secondary market:Stockholder:NYSE:NASDAQ: Legal proceeding involving a business that is unable to repay outstanding debts Distribution of a portion of a company's earnings to a class of its shareholders The market in which shares of publicly held companies are issued and traded An individual, group, or organization that holds one or more shares in a company A market that issues new securities on an exchange A market where investors purchase securities or assets from other investors New York Stock Exchenge National Association of Securities Dealers Automated Quotation
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