There are a number of forms of business structures that can be used to conduct business. Each type of business form has its advantages and disadvantages. Some provide great simplicity but with little asset protection. Others provide good asset protection but at the cost of greater complexity. Click on the links below for a brief outline of each of these business structures.
A sole proprietorship is the simplest form of business entity. It requires no formal organization papers or formalities for conducting the business. Essentially, the individual functions as a business and is liable for all of the debts and liabilities incurred …
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A partnership is simply a joint venture of two or more individuals conducting a business together for profit. Like the sole proprietorship, the partners are liable for the debts and liabilities of the business individually. Again, no formal organization is …
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A limited partnership (LTD) is a hybrid of a corporation and a partnership. The general partners manage the business on a day to day basis and are personally liable for the debts and liabilities of the partnership. However, the limited …
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A corporation is an entity separate from any of the parties forming it. It consists of shareholders who own the company, directors who make overarching business decisions, and officers which handle the day to day management of the company. The …
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A limited liability company is another hybrid of partnerships and corporations. Though quite new in the United States, they have a long history in Europe. This entity provides limited liability for ALL of the “members” while management of the company …
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