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When lending capital to a small business, a bank may require a personal guaranty of its repayment from the owner.

Cliff is a member of Dental Clinic, LLC. Cliff can participate in the firm’s management to

A partnership is a pass-through entity and a taxpaying entity.

Cumulative voting refers to the accumulation of proposals presented annually for a shareholders’ vote.

Any business—except a sole proprietorship—must comply with business registration and licensing requirements.

A sole proprietor does not own the entire business.

Custom Auto, LLC, is a limited liability company. Its members include Dennis and Emma. Like other LLCs with more than one member, unless indicated otherwise, the firm will automatically be taxed as

Wiley incorporates his business as Wiley’s Wire Inc. in Arizona. He and his group of shareholders intend to make a profit from their sales of fencing wire. Wiley’s is

Most states apply to a limited liability company (LLC) formed in another state the law of the state where the LLC currently does business.​

Cumulative voting refers to the accumulation of proposals presented annually for a shareholders’ vote.