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?