A sole proprietor pays personal and business income taxes on the business’s profits.​

In some states, a shareholder who receives watered stock may be liable to creditors of the corporation for unpaid corporate debts.

​Sean is the incorporator of Twisty’s Pretzels Corporation. Ross is a shareholder, Phyllis is a director, and Velma is an officer. The day-to-day operations of Twisty’s are overseen by

Any individual director can act as an agent to bind the corporation.

Bee Hive Honey, LLC’s members include Charlie and Donna. For purposes of suing and being sued, Bee Hive Honey is

​Sean is the incorporator of Twisty’s Pretzels Corporation. Ross is a shareholder, Phyllis is a director, and Velma is an officer. The day-to-day operations of Twisty’s are overseen by

A partnership is a pass-through entity and a taxpaying entity.

Cliff is a member of Dental Clinic, LLC. Cliff can participate in the firm’s management to

Custom Auto, LLC, is a limited liability company. Its members include Dennis and Emma. Like other LLCs with more than one member, unless indicated otherwise, the firm will automatically be taxed as

A corporation possesses the same right of access to the courts as a citizen.