Gloria D. Córdova, Business Law Attorney
Southern California Business Law & Sole Proprietorship, Partnerships, and Corporations Legal Services
Gloria D. Córdova represents business clients in the selection, formation, dissolution, and purchase and sale of their businesses. Gloria D. Córdova represent sole proprietorships, limited liability companies, limited liability partnerships, general partnerships, limited partnerships, subchapter S corporations, and closely-held corporations.
SOLE PROPRIETORSHIP
A form of business entity in which one person owns all of the assets of the business and is solely liable for all of the debts of the business. The sole proprietorship reports its taxes as an individual.
PARTNERSHIPS
General Partnerships
A partnership in which the parties carry on their trade and business for the joint benefit and profit of all of the parties. The partners may share the profits and losses and management equally, even though their capital contributions may vary. A partnership prepares a partnership return annually, but does not pay taxes as an entity. The partners pay taxes at their individual tax rate, based on the partnership return. Partners are jointly and severally liable for all of the partnership debts and liabilities. This means that if one partner is unable to pay the debts or declares bankruptcy, the other partner is completely liable for all the debts.
Limited Partnerships
A partnership in which there are two classes of partners, general or limited. The general partners are those partners who carry on the management of the business. The limited partners are partners who have contributed only capital and do not engage in the management of the business. Taxes are paid in the same manner as a general partnership. However, losses are treated differently than the general partnership. General partners are fully liable for all debts and obligations of the partnerships; while limited partners may lose only their investment.
Limited Liability Partnerships
These partnerships are available only to Certified Public Accountants and Attorneys at Law. They are taxed in exactly the same manner as other partnerships. However, the partners’ liabilities differ from other partnerships. The partners are not liable for the malpractice.
CORPORATIONS
- Subchapter S Corporations
- Closely Held Corporations