[Anonymous]

I know this is a lot to ask, but I’m looking for a nice simple list of the characteristics of each of these: General Partnership, LP, LLP, LLC, S Corp, and C Corp.

I notice on the Gleim test prep software that they like to give multiple choice questions on the differences of these. I’m still a little iffy on this. Sometimes I get them right and sometimes I get them wrong. Obviously, I can look up the differences in my review book, but they’re all scattered in different pages and I would rather have all the differences in one nice, little review sheet. I could make one myself, but since my exam is only a week away, I don’t have the time to type one up.

Would someone here be so kind as to provide a simple list of the characteristics of a General Partnership, LP, LLP, LLC, S Corp, and C Corp? Or if you know of any website that has a list, you can post links to them as well. Anything will do.

I know this is asking a lot, so if no one here can help me, I can certainly understand. I figured it won’t hurt to ask.

Thanks!

[jeff]

REG NINJA covers business structures and compares the entities…it's 15 pages…there isn't a simple/short way to cover everything.

[Anonymous]

I completely forgot about my Ninja notes, lol. I've been too hung up on my Gleim textbook as I wanted to make sure I study as much material as humanly possible. I'll check them tonight. Thanks!

[Yvonne570]

Jeff, are the NINJA notes free?

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[jeff]

No – but they're 40% off 🙂

https://www.another71.com/products-page/

[Yvonne570]

LOL Jeff:) Okay.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[Yvonne570]

Okay, here was an interesting characteristic – the difference between an LLP and an LP

Limited liability partnership – (same as GP except) partnership wants limited liability so they can file with the state for this. They are still personally liable for bad acts from them or employees who they directly control.

Limited partnership – (like a corporation) must have a general partner and a limited partner. LP are considered members and have liability only up to their investments. Filing is required. LPs cannot control for limited liability; however, they can be mixed. If they are LPs and involved in a specific contractual arrangement with a party, then they are still LPs yet personally liable for that party.

Since you brought it up, thought to include that, which I was always confused. Hopefully got it, we will see if someone can correct me if i'm wrong – to save me Saturday – lol.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[Yvonne570]

My question is how to not get LLP and LPs confused. I understand the differences but keep mixing them up. I guess if I remember Deloitte & Touche LLP does not have limited/general partners. They are a partnership with limited liability. Does anyone else have any ideas? The other forms are straight forward.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[Author]

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