Video instructions and help with filling out and completing What Form 8453 S Entities

Instructions and Help about What Form 8453 S Entities

So what are the main types of business entities that we're going to discuss in this lecture series okay well the most common form of state-recognized business entities are and I begin with the sole proprietorship it's not necessarily an entity but it is a recognized form of doing business so it is the default the the backdrop for how every other entity is identified or the characteristics are identified in contrast to how it would be deemed as a as a sole proprietorship okay so the sole proprietorship one individual carrying on a commercial activity a general partnership that is again some argue that the general partnership is not a business entity status but it is commonly recognized as such in most arenas but again it's two or more individuals carrying on a commercial activity for profit or loss then you have your state recognized filed business entities right that is you have to file some forms and receive certification of your existence under state law and to start with the limited partnership okay this is a special form of partnership where you have at least one general partner and at least one limited partner and again the requirements are that you file with a state entity for recognition next a limited liability partnership this is generally reserved for professional practitioners but it provides for a level of limited personal liability for each of the partners from liability for actions of the other partners okay so it generally accounting engineering law medical design architecture those type of firms are canola that can only be limited liability partnerships but the limited liability status of it is also accompanied by a requirement to have some level of professional insurance against malpractice okay and then you have we are going to talk about this in detail but just know what it is a limited liability limited partnership it's a special entity form that combines the characteristics of the limited partnership and a general partnership that allows entities to hold assets with personal liability protection but to still have the flexibility and manoeuvrability of a partnership and often used in real estate transactions okay or capital investment transactions and then you have the most common form of business entity the limited liability company okay and this has unique characteristics of limited personal liability ease of management structure but then you know some of the other maneuverability and ease of formation advantages of some of the lesser business entities but it does have to be filed with the state and we'll talk about that in detail and then the corporation okay the corporation is the oldest form of business entity it has a very formal structure which can be streamlined in certain circumstances or situations it has specific tax characteristics that are unique and has the ability to elect multiple forms of taxation whether under as the C corporation S corporation and will even introduce the concept of a professional corporation and then you have these requirements for the separation in the ownership structure and the operational structure etc so we'll talk about the corporation in detail you