LLP, Limited Liability Partnership: a partnership where a partner's liability for the debts of the partnership is limited except in the case of liability for acts of professional negligence or malpractice. In some states, LLPs may only be formed for purposes of practicing a licensed profession, typically attorneys, accountants and architects. This is often the only form of limited partnership allowed for law firms (as opposed to general partnerships).
The Business Inquiries allow users to search and retrieve data and images maintained in the Business Database. The Business Database is a collection of files that records business filings submitted to, and approved by the Ohio Secretary of State. The database maintains records For Profit Corporations, Non-Profit Corporations, Professional Associations, Foreign Corporations, Foreign Name Registrations, Business Trusts, Real Estate Trusts, Fictitious Names, Trade Names, Limited Liability Companies,Limited Liability Partnerships, Limited Partnerships, Trademarks, Service Marks, and Name Reservations. These filings are recorded and maintained in accordance with the Ohio Revised Code.
Entity Number – The entity number is a unique identifier assigned to a business by the Ohio Secretary of State. It is a 'Charter Number' for Domestic Corporations. It is a 'License Number' for Foreign Corporations. It is a “Registration Number” for Domestic and Foreign Limited Liability Companies, Partnerships, Trusts, Trade Names, Fictitious Names, Name Reservations, Trademarks, and Service Marks,
All formal business entities, including LLCs, are required to have a Registered Agent on file with the state at all times. The agent may be an individual or company with a physical address located in the state of incorporation. Agents must be available at all times during standard business hours (9 a.m. - 5 p.m. Monday – Friday). The role of a Registered Agent is to receive any and all of communications from the government to the business. The agent’s name and address must be disclosed as part of the company’s public record.
LLC members are not personally responsible for the company's debt or liability. S-Corp shareholders are not personally responsible for the company's debt or liability. C-Corp shareholders are not personally responsible for the company's debt or liability. Non-Profit directors are not personally responsible for organizational debt or liability. Sole Proprietors are personally responsible for debt and liability.
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Unlike in many other Western countries, Canadian businesses generally only have one form of incorporation available. Unlimited liability corporations can be formed in Alberta "AULC", British Columbia "BCULC" and Nova Scotia "NSULC". The aforementioned unlimited liability corporations are generally not used as operating business structures, but are instead used to create favorable tax positions for either Americans investing in Canada or vice versa. For U.S. tax purposes the ULC is classified as a disregarded entity.
Limited liability companies allow for a large variety of management structures based on your specific needs. Management structures for S-Corps are largely dictated by state and federal law. Management schemas for C-Corps are largely dictated by state and federal law. NPOs need to follow strict management laws to guard their non-profit status. Since Sole Proprietorships have only one member, there is no management structure.
Company (khevra, חברה) – for-profit entity which may engage in any lawful activity. Most companies limit the liability of their shareholders. In that case, the phrase "Limited" or the abbreviation "Ltd." must appear as part of the full name of the company. The term "B.M."/"BM" (בע"מ), literally: by limited liability/warranty, is usually translated as "Ltd." in English and pronounced "ba'AM" in Hebrew. Companies are governed by the Companies Act, 5759-1999 (חוק החברות, תשנ"ט-1999). Few sections are still in force from the Companies Ordinance [New Form], 5743-1983 (פקודת החברות [נוסח חדש], תשמ"ג-1983).
A public limited company. Must have at least seven members. Liability is limited to the amount, if any, unpaid on shares they hold. Unlawful to issue any form of prospectus except in compliance with the Companies Acts 1963–2006. Nominal value of Company's allotted share capital must satisfy specified minimums which must be fully paid before company commences business or exercises any borrowing powers.
Means a company having the liability of its members limited by memorandum to such amounts as the members may respectively undertake to contribute to the capital of the company in the event of its winding up. A company limited by guarantee is usually formed on a 'non profit basis'. Companies limited by guarantee use the words (Guarantee) Limited" as the last words of their n Unlimited Company
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