What is the difference between a Limited Liability Company and a partnership?
A partnership is formed when two or more people engage in business with an agreement to share profits and losses. It may or may not involve a written agreement. If they do not, it is called a partnership at will. A limited liability company is a company formed by filing appropriate documentation with the secretary of state. It cannot be created with the affirmative action of filing with the secretary of state. They are taxed similarly. When can a company’s veil of incorporation be lifted? When the company owners fail to recognize corporate formalities and instead treat corporate assets as their own personal assets. Can you be arrested if you have no drugs on you but you are ‘high’? Actually, the existence of drugs in your system is considered possession in most states and you can be charged accordingly. A UA is commonly requested at the time of arrest and the presence of drugs is the possession. The refusal of a UA can be used against you as well. I cannot say for the states because I
