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Business Law

Sole Proprietorships

There are several types of business structures. If one wants a simple business structure, a sole proprietorship is just a one-person business that does not have to be registered with the state. Although this may be an easy structure, it does not protect the owner from any liabilities.


There are two types of partnership structures, which are owned by more than one owner. There are general partnerships and limited partnerships. General owners maintain liability for the business equally, whereas, a limited partner’s liability cannot exceed their financial contribution to the partnership.


Limited Liability Companies provide the limited liability features of a corporation. However, LLC members are not taxed and are allowed to report their business gains and losses on their personal tax returns.


Unlike the other structures, corporation business structures are more complex. A corporate business structure establishes a business as a separate legal entity owned by shareholders. Therefore, the corporate itself, is held liable for the actions and debts the business incurs, not the shareholders.