Business

By.Kolton Gebert

Sole Proprietorship

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name. The fictitious name is simply a trade name it does not create a legal entity separate from the sole proprietor owner.

Partnership

A partnership is a single business where two or more people share ownership.

Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business. Its alwase good to have two heads for ideas, but they could have a fight about who is right.

Limited Liability Partnership

A Limited Liability Partnership is a partnership in which some or all partners have limited liabilities.The general partner can be either an individual or a corporation. One of the more common limited partnership situations involves a silent partner, where one or more limited partners provide financing for the venture and the general partners run the business. A limited partnership in this case protects the assets of silent partners by limiting their exposure and liability and acts as a conduit to pass current operating profits or losses on to them.
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Corporation

A corporate structure is perhaps the most advantageous way to start a business because the corporation exists as a separate entity. In general, a corporation has all the legal rights of an individual, except for the right to vote and certain other limitations. Corporations are given the right to exist by the state that issues their charter.
Forms of Business Ownership