Business Ownership

"Opportunities don't happen. You create them."

Special Types of Ownership

Limited Liability Companies - A mix between a corporation and a partnership/sole proprietorship.


Nonprofit Organizations - A group of people that join to do something that benefits the public.


S-Corporation - Treats partners as individuals by only taxing them once.

Corporation

● Owned by one or more shareholders

● Managed by a board of directors

● Filing an article of corporation

● Easier to obtain capital and limited liability for shareholders

● Double taxation and increased government regulations and restrictions

● Limited liability

● Amazon is an example

● It has unlimited life

● Some sources of investment are stocks and borrowing money

Partnership

● Two or more People


● Dormant, General, Secret, Limited and Silent

● Depends on Partnership Agreement

● A Partnership Agreement

● Easy to Form and More capital and Credit

● Profits are Shared and Different ideas

● Unlimited Liability Depending on Partnership Type

● Intel, Home Depot

● Death, Bankruptcy, Actions of Partners or Court Order

● Personals of Partner(s), Gifts or Borrowed Money

Proprietorship

● One

● The Owner

● Begin Buying and Selling Goods or Services

● Easy to Form and Complete Control

● Limited Capital and Limited Lifetime of Owner

● Unlimited Liability

● Landscaping Companies

● Decision of Owner

● Personal, Gifts or Borrowed