Smore Project


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
Big image

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?
Big image


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
Big image
What is a Corporation?