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Ain & Stein, LLC
401 North Washington Street, Suite 500
Rockville, Maryland 20850

Telephone: 301-838-0199
Facsimile: 301-309-9436

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Business Law – Organizations

Maryland & Washington, D.C. Business Litigation Lawyers

The lawyers of Ain & Stein, LLC are experienced in all phases of dispute resolution for business clients, including litigation, arbitration and mediation.

Business Organizations

  • Sole Proprietorship: This is the simplest form of business organization. It is easily transferable. However, it does not protect the owner from personal liability.
  • General Partnership: This is an association of one or more persons to carry on a business for profit. Its form and function are governed by statute in Maryland and D.C. and/or by the agreement of the partners.
  • Limited Liability Partnership (LLP): The hallmark of an LLP is personal liability protection under some circumstances.. A filing is required with the government.
  • Joint Venture: This is a venture of 2 or more persons or companies to carry out a single transaction or a specified series of transactions for profit. It is subject to statutory requirements in addition to the agreement between or among the venturers.
  • Limited Partnership: This type of organization is designed to encourage investment in a business by those who do not wish to assume full partnership responsibilities and liabilities. It is governed by statute and contractual agreement. The limited partners of the partnership require a general partner who does not have the benefit of limited liability, and limited partners may lose limited liability protection if they participate in management.
  • Corporation: This is an entity existing only by operation of law and possessing those properties which its charter confers upon it. It is an independent entity which can enter into contracts in its own name and can transact business in its own name. The corporation is liable for its acts; its owners, the shareholders, are not liable if the corporation is properly formed and operated. Another significant advantage of this type of business organization is that it can confer tax free benefits to its employees.
  • C and S Corporations: These are similar business organizations; however the C Corporation’s distributions to shareholders are double-taxed as dividends; the S Corporation’s distribution are not treated as dividends; the profits and losses flow directly to the shareholders similar to a partnership.
  • Limited Liability Company (LLC): This is an unincorporated business association formed by its members. The members have no personal liability for the debts of the LLC; it is treated like a corporation for liability issues and taxed like a partnership. The difference between an LLC and a partnership is that a member of an LLC may participate in management without losing limited liability protection.

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