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| General Corporation | S-Corporation | Limited Liability Company | Professional Corporation |
|---|---|---|---|
| 1. Ownership - Shareholders | 1. Ownership - Shareholders | 1. Ownership - Members | 1. Ownership - Shareholders |
| 2. Governance - Board of Directors | 2. Governance - Board of Directors | 2. Governance - Managers | 2. Governance - Board of Directors |
| Formation Document - Articles of Incorporation | Formation Document - Articles of Incorporation | Formation Document - Articles of Organization | Formation Document - Articles of Incorporation |
| Ancillary Document - Bylaws | Ancillary Document - Bylaws | Ancillary Document - Operating Agreement | Ancillary Document - Bylaws |
| Organizer - Incorporator | Organizer - Organizer | Organizer - Incorporator | Organizer - Incorporator |
| Ownership Limitations - N/A |
Ownership Limitations
Entity as Owner - No Non-Resident Alien - No Holding Co. Subsidiary - No Number of Owners - Limited to a specific number (75) Multiple classes - No, limited to 1 class |
Ownership Limitations
Entity as Owner - Yes Non-Resident Alien - Yes Holding Co. Subsidiary - Yes Number of Owners - No Limit Multiple classes - Yes |
Ownership Limitations - N/A |
| Limit on Duration - None; usually perpetual | Limit on Duration - None; usually perpetual | Limit on Duration - Duration can be set for date specific or can be perpetual | Limit on Duration - None; usually perpetual |
| Free Transferability - Yes | Free Transferability - Yes | Free Transferability - No, Requires unanimous consent of Members | Free Transferability - Yes |
| Liability of Owners - None | Liability of Owners - None | Liability of Owners - None | Liability of Owners - None |
| Dissolution if Owner withdraws - No | Dissolution if Owner withdraws - No | Dissolution if Owner withdraws - Yes, automatic upon withdrawal of any member | Dissolution if Owner withdraws - No |
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By: Michael Schiller