Business Structure Attributes


General Corporation
[Order]
1. Ownership Shareholders
2. Governance Board of Directors
3. Formation Document Articles of Incorporation
4. Ancillary Document Bylaws
5. Organizer Incorporator
6. Ownership Limitations

 

 

 

 

 

 

N/A
7. Limit on Duration None; usually perpetual
8. Free Transferability

 

Yes
9. Liability of Owners None
10. Dissolution if Owner withdraws

 

No
S-Corporation
[Order]
1. Ownership Shareholders
2. Governance Board of Directors
3. Formation Document Articles of Incorporation
4. Ancillary Document Bylaws
5. Organizer Incorporator
6. Ownership Limitations

  • Entity as Owner
  • Non-Resident Alien
  • Holding Co. Subsidiary
  • Number of Owners
  • Multiple classes
  •  
  •  
  • a: No
  • b: No
  • c: No
  • d: Limited to a specific number (75)
  • e: No, limited to 1 class
7. Limit on Duration None; usually perpetual
8. Free Transferability

 

Yes
9. Liability of Owners None
10. Dissolution if Owner withdraws

 

No
Limited Liability Company [Order]
1. Ownership Members
2. Governance Managers
 
3. Formation Document Articles of Organization
4. Ancillary Document Operating Agreement
5. Organizer Organizer
6. Ownership Limitations

  • Entity as Owner
  • Non-Resident Alien
  • Holding Co. Subsidiary
  • Number of Owners
  • Multiple classes
Limitations

  • a: Yes
  • b: Yes
  • c: Yes
  • d: No Limit
  • e: Yes
7. Limit on Duration Duration can be set for date specific or can be perpetual
8. Free Transferability No, Requires unanimous consent of Members
9. Liability of Owners None
10. Dissolution if Owner withdraws

 

 

Yes, automatic upon withdrawal of any member
Professional Corporation [Order]
1. Ownership Shareholders
2. Governance Board of Directors
3. Formation Document Articles of Incorporation
4. Ancillary Document Bylaws
5. Organizer Incorporator
6. Ownership Limitations

 

 

 

 

 

 

N/A
7. Limit on Duration None; usually perpetual
8. Free Transferability

 

Yes
9. Liability of Owners None
10. Dissolution if Owner withdraws

 

No