Restrictions of authority and expenditures. Settlement in case of death or incapacitation. If you want to operate a limited partnership, you must file a Certificate of Limited Partnership and Affidavits of Publication with the Department of State and publish a Notice of Formation in the newspapers. A business may incorporate without an attorney, but legal advice is highly recommended. The corporate structure is usually the most complex and more costly to organize than the other two business formations.
Control depends on stock ownership.
Persons with the largest stock ownership, not the total number of shareholders, control the corporation. With control of stock shares or 51 percent of stock, a person or group is able to make policy decisions. Control is exercised through regular board of directors' meetings and annual stockholders' meetings. Records must be kept to document decisions made by the board of directors. Small, closely held corporations can operate more informally, but record-keeping cannot be eliminated entirely.