ARTICLE - EXHIBIT
APPENDIX 5 - COMPARISON OF
COMMON LEGAL ENTITIES IN FLORIDA

 Copyright 2001 by James W. Martin. All rights reserved.
 Presented at the Florida Bar Entertainment, Arts & Sports Law Section Annual Meeting May, 2001


 

Entity Name

Sole Proprietor

Partnership

Limited Partnership

Limited Liability Company

Business Corporation

Nonprofit Corporation

Sub-Type

 

Regular

Limited Liability

Regular

Limited Liability

 

C Corp

S Corp

 

Florida Statutes Chapter

N/A

620.81001

620.9001

620.102

620.187

608

607

607

617

Name must include

 

 

LLP, RLLP, Limited  Liability Partnership, Registered Limited Liability Partnership

Ltd., Limited

LLLP, Ltd. LLP,
Limited Liability Limited Partnership, Registered Limited Liability Limited Partnership

Limited Liability Company, Limited Company, LLC, LC

corporation, company, incorporated, corp., co., inc.

corporation, company, incorporated, corp., co., inc.

corporation, incorporated, corp., inc.

Liability of owners

unlimited

unlimited

F.S. 620.8306

limited to capital contribution, generally

F.S. 620.8306

general partner unlimited liability; limited partner liability limited to capital contribution generally unless take active role in management

F.S. 620.129

limited to capital contribution generally

F.S. 620.187 & 620.8306

limited to capital contribution, generally

F.S. 608.4227

limited to capital contribution, generally

limited to capital contribution, generally

N/A

Minimum # persons

1

2

2

2

2

1

1

1

3 directors

Owned by

owner

partners

partners

general partners,

limited

partners

general partners,

limited

partners

members

shareholders

shareholders

N/A

Managed by

owner

partners,

managing

partners

partners,

managing

partners

general partners

general partners

members or managers

directors,

officers

directors,

officers

directors,

trustees,

officers

Organizing documents

none

part.  agree.

part. agree.,

stmt. of qualification

cert. lim.

part.,

ltd. part.

agree.

cert. lim. part.,

ltd. part. agree.,

stmt. of qualification

arts. of org.,

operating agree.

arts. inc.,

bylaws,

minutes

arts. inc.,

S election,

bylaws,

minutes

arts. inc.,

bylaws,

minutes,

IRS tax exempt app.