A corporation is a legal entity properly registered with the secretary of state, characterized by limited liability, perpetual life, freely transferable shares, and centralized management.
Limited liability refers to the restriction of an individual's potential losses to the amount they have invested in a particular asset or business. This concept limits their personal liability and prevents them from losing more than their initial investment, provided they do not otherwise agree to assume additional liability.
A Limited Liability Company (LLC) is an organizational form recognized in many states, offering limited liability protection to its owners and potential tax advantages of a partnership, making it an attractive option for real estate ownership.
A limited partnership (LP) is a business structure where at least one partner is passive, with liability limited to their investment, and at least one partner with unlimited liability.
