Article - Forming a Small Business

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Forming a Small Music Business:
The Who Meets the Whys and the Wherefores

APPENDIX 5 - Comparison of Common Legal Entities in Florida

Note: This article is for background purposes only and is not intended as legal advice.

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.

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Forming a Small Music Business: The Who Meets the Whys and the Wherefores

Forming a Small Music Business:
The Who Meets the Whys and the Wherefores