Some of the other less often used form of doing business is “Unincorporated Associations” which are a group of two or more persons joined by mutual consent for a common lawful purpose. These associations include among other things, joint stock associations and real estate investment trusts. These associations are generally taxed as partnerships unless they elect to be taxed as corporations. The ownership interest in the same are subject to the securities laws rules and regulation as well.
Additional other groups that fall within these miscellaneous class of other entity forms include Condominium associations; Cooperative Corporations; Stock Cooperatives; Business Trusts; joint ventures; and Family Limited Partnerships and Family Limited Liability Companies. Generally, if the client is compelled towards using any of these approaches to doing business, then the client is usually aware of the special attributes and idiosyncrasies of the same. We are always happy to discuss any of these less commonly used business entities, but our practice focuses primarily on where the core of the business community focuses its attention which is on, Limited Liability Companies; Limited Partnerships; Sub Chapter S corporations; Sub Chapter C corporations, and on a less often basis General Partnerships.
This is not to say that we don’t advise Sole Proprietors, because we do render advice from time to time for Sole Proprietorship format as well.