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Survey Financial Planning Ch 14

Terms

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General Partnership
Type of business entity owned entirely by general partners, each of whom can act on behalf of the partnership
Limited Partnership
Limited partners are not allowed to participate in management of operations but generally are allowed to vote on major changed affecting the structure of the partnership
Flow-through entity
A type of business entity in which the results of business operations are reported directly on the owners income tax return.
Family limited partnership
A limited partnership of family members that is used to generate valuation discounts for estate and gift tax purposes on the transfer of the limited interest in the partnership
C Corporation
Business entity created by state law that is separate and distinct from its shareholders
Dividends-received deduction
Deduction for dividends received by one corporation from another corporation. The amount of DRD is based on the percentage owned by the corporation receiving the dividend.
Double Taxation of Dividends
Taxation of income at the corporate level and subsequent taxation of dividend distributions at the individual shareholder's level.
S Corporation
Special type of corporation formed under state law like a regular corporation, but for income tax purposes it is treated similar to a partnership
Limited Liability Company (LLC)
owners are reffered to as members. They can be individuals, partnerships, trusts, corp's or other LLC's
Taxation of LLC
LLC with 2 or more owners is usually treated as a partnership for federal income tax purposes. If LLC has 1 member it can be treated as a sole proprietorship.

Deck Info

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