Smore Project

Ownership

Sole Proprietorship

Sole proprietorship is a business wish is owned and operated my one person.

  • manages the company
  • receives all the profits
  • simple and inexpensive to create
  • all responsibilities fall on one person
Sole proprietorship (Ytube).mp4
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Limited Liability Partnership (LLP)

Limited Liability Partnership (LLP) one owner is not responsible for the "liability" of the other owner.

  • not called a partnership or a corporation
  • profits flow to the individual member
  • same liability as a corporation
  • LLC ends when a member dies or goes bankrupt
What does it mean to have a limited liability partnership, or LLP?
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Corporation

Corporation is a business that pays taxes on earnings.

  • There are different types of corporations
  • some are taxed like a partnership
  • some are help shareholder's individual tax returns
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What is a Corporation?