What Form 8453 S Entities 2021-2023

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...