Limited partnership

What is similar and what is different in the statutory requirements for a general and limited partnership registration?

What are the requirements for the name of a limited partnership?

Where do the partners get an Assumed Name Certificate?

Where do the partners get an EIN from?

Where do the partners obtain a State ID number from?

Where do the partners file a Certificate of Limited Partnership with?

How are general and limited partners liable for debts?

Corporations

Where is it possible to obtain the application forms for registration of the corporation name?

How is it required to prepare Articles of Incorporation?

When do the corporation founders receive the corporate charter?

When is it necessary to adopt the bylaws?

Where do the corporation founders obtain the tax registration certificate from: a) Secretary of State’s office? b) IRS? c) Trademark Office? d) SBA?

 

Exercise II.

A ) Find the appropriate English equivalents for the following words and phrases:

Устав корпорации; страхование бизнеса; составлять документ; спор/конфликт; получить удостоверение; подать заявление; распределение средств; личное имущество, получить разрешение (письменное); удостовериться/проверить; избежать проблем; договор о создании товарищества; личная декларация о подоходном налоге; документ о присвоении статуса корпорации; внутренний устав корпорации

 

B) Make up sentences using the words and phrases from A)

 

Exercise III.

Read the following statements and decide which of them are “ true ” and which are “ false ”. Correct the “false” statements using proper modals: have to, don’t have to, needn’t, should, should not. (Mind: must not – is a strong prohibition, and not an absence of necessity or obligation). (Refer to Grammar Supplement, Modal Verbs, pp. 262 – 266)

1. A general partnership’s name must contain the words “General Partnership”.
2. Corporation founders have to register the name of corporation.
3. A sole proprietor should obtain local, state and federal licenses and permits before starting a business.
4. The business name of sole proprietorship must be registered in the Trademark Office.
5. Limited partnerships have to obtain a State ID Number from the Secretary of State.
6. All businesses – sole proprietorships, partnerships and corporations – have to apply for an EIN.
7. General Partnerships must have a written partnership agreement.
8. Sole proprietors needn’t insure the business.
9. Limited Partnerships don’t have to obtain any permits or licenses but they have to get an Assumed Named Certificate.
10. Corporation founders have to file bylaws together with the Articles of Incorporation.
11. Limited Partnerships don’t have to draft a written partnership agreement.
12. The name chosen by a sole proprietor must be unique, which means it must not have already been taken by another business.
13. Limited Partnerships have to file a Certificate of Limited Partnership with the Department of Revenue.
14. Corporation founders needn’t obtain a tax registration certificate.
15. Both a limited partnership members and a corporation founders have to file related certificates with the Secretary of State.

Activity III. Counseling

Legal Counseling p.97

Текст Forming a corporation, форма Articles of Incorporation и Reference Material служат источником информации для подготовки ролевой игры “Консультация у юриста”.

 

Exercise I. Forming a Corporation

Compare the information in the text Corporation p. 96 and the information in the text “Forming a Corporation” p. 97. Use the following chart to mark the results. Some points are done for you.

 

Information	Text “Corporation”	Text “Forming a Corporation”
Filing an application for registration	+
Filing the Articles of Incorporation	+	+
Forms of the Articles of Incorporation
Information in the Articles of Incorporation
Filing fees	-
Certficate of incorporation / charter
Corporate bylaws
Shareholders’ meeting
Issuance of stock certificates
Obtaining a business license
Obtaining a federal EIN