Same as Regular Corporation but requires close supervision by a tax accountant. Similar to Partnership. Requires Articles of Organization. Personal Liability Owner has unlimited personal liability. Limited partners have liability to the extent of their investment.
General partners have unlimited personal liability.
Stockholders usually not liable for corporation debts unless they have personally guaranteed loans. Officers may be liable to IRS for any unpaid taxes. Same as Regular Corporation. Similar to Regular Corporation. Federal Income Taxes on Business Profits Taxed at individual rate.