Real Estate Investment and Rehab Through Probate

See below for a comparison chart of different entities for asset protection and web sites to help you do business. 

	C Corp	S Corp	LLC	LP	GP	SP
Personal Liability for business debts	No personal liability of shareholders	No personal liability of members	No personal liability of members	General partner (s) personally liable; limited partners not personally liable	General partners personally liable	Sole proprietor personally liable
Who can legally obligate the business?	Officers & Directors	Officers & Directors	In member-managed, any member; in manager-managed, any manager	Any general partner, not limited partners	Any general partner	Sole proprietor
Responsible for management decisions; Ownership restrictions	Board of directors, officers	Board of directors, officers	Same as above	Same as above	General partners	Sole proprietor
Start-up and ongoing formalities	Articles filed with state; bylaws and annual meetings required	Articles filed with state; form 2553 filed with IRS; bylaws and annual meetings required	Articles filed with state; operating agreement and annual meetings not required, but strongly recommend-ed	LP-1 filed with state, partnership agreement and annual meeting not required but recommend-ed	No state filing; partnership agreement recommend-ed, no meetings required	No state filing, no meetings required
Limits on transfer-ability of interests	Transfers may be limited by agreement or by securities laws	Transfers may be limited by agreement or by securities laws; transfers to non qualified persons may cause loss of S corporation status	Unanimous or super majority consent may be required by no transferring members	Consent of all partners may be required	Consent of all partners may be required	Can sell business to another
Business effect on death or departure of owner	Corporation continues	Corporation continues	In some states, dissolution unless members vote to continue	Automatic dissolution unless provided for in partnership agreement	Automatic dissolution unless provided for in partnership agreement	Automatic dissolution
Taxation of business profits	Corporate profits taxed at corporate rates; dividends taxed at individual rates of shareholders	Individual tax rates of shareholders	Individual tax rates of members unless LLC elects corporate taxation (Californians beware of additional state fees)	Individual tax rates of general and limited partners	Individual tax rates of general partners	Individual tax rate of sole proprietor