sole proprietorships

• simple form of business
• one person-owned business
• entitled to profits from business
• liable for debts and obligations

partnerships

• two or more joint efforts in a business
  • managing partner
  • associate attorneys, staff, law clerks
• liability of partners
  • partners are personally liable for debts and business
  • a partner can be held personally liable for misconduct or debts of another
• limited liability partnership (LLP)
  • partners avoid personal liability for malpractice of other partners

professional corporations

• formed by licensed prof
• owned by shareholders
  • purchase corps stocks and shares
  • own a share of the business
  • share profits and losses of the firm in proportion to the amount of shares they hold
• run like a partnership

billing

• hourly fee / tracked hours
• flat fee

comingling

• manipulation of clients' funds
• IOLTA account interest on lawyer trust account / a trust
• if a check comes in you cannot put it in your account even if it is a cent
• money goes to the bar association after