Reference no: EM133474534

Question: (Reply to another student's filing form posting (Part 1 posting) that the other student's form creates and state if that business entity they have chosen has a corporate shell or veil protection or not. In this week's readings and in the video lecture for this week, the concept of a corporate veil or shield protection is explained--but it only applies to certain business entities. You should do research on this topic and refer to our materials to understand this very important legal principal.

The corporation that is assigned to my name is the Florida General Partnership. A general partnership is a business with at least two owners, or partners, who agree to share the responsibilities involved in running the business. A partner has unlimited personal liability for any and all debts and obligations of the company. Each partner reports their share of business profits and losses on their individual tax return and pays any taxes due. The partnership itself isn't subject to taxation.

A general partnership is a common type of business due to the fact that it's easy to set up and dissolve. However, a general partnership may need to restructure at some point as it grows and encounters greater business risk so as to limit the exposure to personal financial liability that partners have.

In order to register the filing fee is $50.00, you can also pay for a certified copy ($52.50) or a certificate of Status ($8.75) if you prefer.
The name of the partnership I have chosen is Canterbury Builders.