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
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?
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
What is a Corporation?