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any years ago, I was meeting with a person that made an off-the-cuff remark of an ownership position in several high-profile properties and made several references to “he and his partners.” This caught me off guard a bit, as this person was relatively young and the portfolio of properties was substantial in value. As the years have passed, I have a better understanding of the many different ways to actually have an ownership position. ALEC J. PACELLA
This month, we are going to discuss the most popular forms of ownership, because being an “owner” is not always what it may first appear.
This is ownership consisting of a single person. There are no costs to form this type of ownership; rather it legally exists the moment an individual does business with themselves. In addition to the simple and low/no cost to form, there are some other advantages. Income, expenses, gains and losses can
be reported directly on the individual’s tax return. But this is offset by several significant disadvantages. The most problematic is unlimited liability; if I own a shopping center as a sole proprietorship and someone slips on the ice, they can come after any of my personal assets to satisfy a judgement.
A general partnership is the default form of ownership that consists of more than one person. Each member is considered a general partner and has equal
ALL FLOOR REMOVAL 216.586.1500
AFR’s mission is to provide commercial floor covering removal services including removal of adhesives, mastics thinsets and other floor coatings turning the project over leaving a clean, bare, fresh floor surface ready for a new coating or polished concrete.
FLOOR PREPARATION SPECIALIST A DIVISION OF CLEVELAND DEMOLITION
Properties | November 2023