Introduction to Mortgage Origination Examinations Training eBook

Types of Organizations

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Proprietorships

Partners manage and assume responsibility Easier to form Personal liability is a concern General Partnerships

Personally responsible for company's liabilities. Not likely to see

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Limited Partnerships

Owner liability protection without double taxation Earnings & losses pass through to owners No shareholder limit LLCs

General & limited partners Required filings Administrative complexities

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Corporations

Owner liability protection Ability to raise money S Corporation: Tax benefits, liability protection, up to 100 shareholders