Business Ownerships

by: Ainsley Bird

Sole Proprietorship

-owned by 1 person

-they get all profits

-in charge of every responsibility

What Is A Sole Proprietorship?

partnership

-2 people own the business

-Law doesn't distinguish between business

-Always have a legal agreement

-1 parter leaves and the business dies

Corporation

-headquartered by the state

-can be taxed/ sued

-doesn't dissolve on changing owners

What is a Corporation?

LLC

-limited liability

-flexibility of a partnership

-owners= members

What is an LLC?