Governing documents are critical for a lot of reasons, and one of those reasons is to well- document ownership. Each entity has different options. Some have more rights incident to ownership than others. Rights can mean participation in the business management or not. Rights can also mean economic interests or quasi-economic interests. Partnerships, for example, have more options than corporations and s-corporations. There are legal and tax implications for each of them. Getting it right is important from the outset or you’ll pay for it later, literally.
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