American Business Entity Landscape
THE AMERICAN BUSINESS ENTITY LANDSCAPE A brief overview of the most common types of business entities used in the United States including their prevalence, revenue share, and some important attributes. Because business entity law is generally defined by states, the following information is general and may not hold true in some states. 27M 1.8M 227 1.3T 2.3T 4M 1.31 SOLE PROPRIETORSHIPS 0.6T 0.7M C CORPORATIONS 0.5M S CORPORATIONS 6T 1.8M GENERAL PARTNERSHIPS LIMITED PARTNERSHIPS (LP) LIMITED LIABILITY COMPANIES (LLC) SHARE OF TOTAL ENTITIES SHARE OF REVENUE C CORPORATIONS S CORPORATIONS asset value Unlimited asset value Unlimited # of owners Unlimited #of owners 1-75 owner liability Limited to investment owner liability Limited to investment taxation Double (corporation & shareholders) taxation Shareholder(s)-only management Officers management Officers governing documents Articles, bylaws, resolutions governing documents Articles, bylaws, resolutions GENERAL PARTNERSHIPS LIMITED PARTNERSHIPS (LP) asset value Unlimited asset value Unlimited # of owners Two (2) or more #of owners Two (2) or more owner liability Unlimited owner liability Limited for all but general partner(s) taxation Partners-only taxation Partners-only management Partners management General partner(s) governing documents Partnership agreement, resolutions governing documents Partnership agreement, resolutions LIMITED LIABILITY COMAPNIES (LLC) SOLE PROPRIETORSHIPS asset value Unlimited asset value Unlimited # of owners Unlimited # of owners One (1) owner LLC owner liability Limited to investment owner liability Unlimited taxation Member(s)-only taxation Owner-only management Member- or manager-managed management Owner governing documents Articles, operating agreement, resolutions governing documents None SOURCE: Internal Revenue Service: Slatistics of Income 2007 - http://www.irs.gov/pub/irs-soi/80otlall.xls BY: Douglas K. Cook, Attorney, P.C. - http://cookuzlaw.com
American Business Entity Landscape
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