Ownership Smore

Lance Russell

Sole Proprietorship

Is a business that is owned and operated by one person.

There are a lot of risk in this business. There taxes, liability, and its pretty much on you to make the business to be successful.

SOLE PROPRIETORSHIPS - Advantages and Disadvantages

Partnership

A partnership is a business with two or more owners who share in the decisions, assets, liabilities, and profits of the business.

General Partnership is where every partner is involved in the management of the firm.

Limited Partnership is where the liability is limited to only the amount they invested in the company.

Advantages and disadvantages using a partenship of discretionary trusts for a professional practice?

Limited Liability Company

This is not a partnership or corporation. Owners are called members, not partners or shareholders. The owners have the same liability protection of a corporation.
Secretary of State Business Entity Video Series #7 - Limited Liability Company

Corporation

Is a business that is register by a state and operates apart from its owners.
Advantages and Disadvantages of Corporation: Accounting Homework Help by Classof1.com