Sannerud, Savarese & Associates, P.A., CPA

If you live in Minnesota, Wisconsin, and N. Dakota states and have a question, ask an accountant.

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Tips — Business Structure

Limited Liability Company

This is a business structure which became available January 1, 1993. It can function like a partnership, or sole proprietorship, where partners/sole proprietors are not liable for its debts and obligations. With a special election a Limited Liability Company can function as a Corporation.

Advantages:

	Choice of taxation method
	Centralized management structure — board of governors
	Limited legal liability

Disadvantages:

	Lack of continuity unless a continuity agreement is put in place
	Public filing necessary
	Annual registration must be filed with Secretary of State

Other Business Structures

Sole Proprietorship

Partnership

"C" Corporation

Limited Partnership

"S" Corporation

Personal Service Corporation


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