ABSTRACT
A general partnership is an association of two or more persons to conduct a business for a profit. It is treated as an entity for litigation, holding title to property, and bankruptcy proceedings. The limited liability company (LLC) is a distinct entity that is a hybrid of a partnership and a corporation. The Limited Liability Company Act (LLC Act) provides model provisions for state laws governing LLCs. Lawyers are often more comfortable with the large body of precedents involving family limited partnerships than with the smaller body of precedents involving LLCs. The choice of business entities is also important to business owners as they develop their estate plans. Certain types of business entities allow management and ownership to be separated. The Capper-Volstead Act is not a blanket exemption from federal antitrust laws. To claim the benefit of the exemption, a cooperative must operate for the mutual benefit of producers of agricultural products.
