Entity Comparison Chart
 LLC“C” CORPORATION“S” CORPORATIONLIMITED PARTNERSHIPGENERAL PARTNERSHIP
Owner TitleMembersShareholdersShareholdersPartnersPartners
Number of Owners1+1+1 – 1002+2+
Owner LiabilityGenerally NoneGenerally NoneGenerally NoneGeneral PartnersPartners
LifeGoverned by Operating AgreementPerpetualPerpetualPerpetual (Absent Any Triggering Event)Perpetual (Absent Any Triggering Event)
Decision-makersAll Members

-or-

Manager-Members

Board of Directors -and- OfficersBoard of Directors -and- OfficersGeneral PartnersPartners
Effect of Owner’s Death/DepartureNoneNoneNoneDissolves Entity (General Partners)Dissolves Entity (Any Partner)
Transferring OwnershipGoverned by Operating AgreementSale of StockSale of Stock (Some Restrictions)Not AllowedNot Allowed
Raising CapitalGoverned by Operating AgreementSale of StockSale of StockGoverned by Partnership AgreementGoverned by Partnership Agreement
Income TaxMembers -or-

LLC & Members

Corporation -and- ShareholdersShareholdersAll PartnersPartners
LossesMembersCorporationShareholdersAll PartnersPartners
DissolutionFiling(s) RequiredFiling(s) RequiredFiling(s) RequiredNo FilingsNo Filings