Types of Businesses

By Cole

Explained

A corporation is one of, if not the oldest type of business. It has been around for a long time and is a great way to run a business. Some businesses have "INC." after their name, and that tells that they are a corporation. Corporations are realized as bigger some of the world's bigger organizations. Corporations are great businesses, but they can be subject to double taxation where the owners of the corporation and the corporation itself pay taxes. While double taxation doesn't seem too good, corporations offer benefits such as protection from company liabilities to its shareholders. Also, 401 K's are easier to set up in a corporation.Corporations have lots of annual paperwork to fill out, which other businesses don't need to. American Airlines is an example of a corporation.

http://youtu.be/F1z-d43-4lA

Sources:

Hall/CPA, Keith. "Business Entities-Corporation." YouTube. YouTube, 18 May 2011. Web. 19 Sept. 2014. <http://www.youtube.com/watch?v=F1z-d43-4lA>. Corporation Video


Hall/CPA, Keith. "Business Entities-LLC." YouTube. YouTube, 18 May 2011. Web. 17 Sept. 2014. <http://www.youtube.com/watch?v=aq5zdacU4E4>. LLC Video


Hall/CPA, Keith. "Business Entities - Partnership." YouTube. YouTube, 18 May 2011. Web. 17 Sept. 2014. <http://www.youtube.com/watch?v=4_NEaGukdoc>.Partnership Video


Hall/CPA, Keith. "Business Entities - Sole Proprietorship." YouTube. YouTube, 17 May 2011. Web. 19 Sept. 2014. <http://www.youtube.com/watch?v=WlKkI2PWIJs>.Sole Proprietorship Video