Businesses can be categorized by their legal structures, including sole proprietorship, partnership, corporation (C-corp, S-corp, etc.), and limited liability company (LLC), each with unique rules for formation, taxes, and liability. Businesses can also be defined by their operational activities, such as manufacturing, merchandising, and service businessesBusinesses can be categorized by their legal structures, including sole proprietorship, partnership, corporation (C-corp, S-corp, etc.), and limited liability company (LLC), each with unique rules for formation, taxes, and liability. Businesses can also be defined by their operational activities, such as manufacturing, merchandising, and service businesses
We will help you with the type of Business you would like to open
Types of Business by Legal Structure
- Sole Proprietorship:
Owned and run by one person, with the owner directly liable for all business debts and obligations.
- Partnership:
Owned by two or more people who agree to share in the profits or losses of a business. Types include general partnerships, limited partnerships, and limited liability partnerships (LLPs).
- Corporation:
A legal entity separate from its owners (shareholders), providing limited liability to the owners. Common types include C-corporations and S-corporations.
- Limited Liability Company (LLC):
A popular structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
- Nonprofit:
An organization that does not operate for profit but instead serves a specific public purpose.
Types of Business by Legal Structure
- Sole Proprietorship:
Owned and run by one person, with the owner directly liable for all business debts and obligations.
- Partnership:
Owned by two or more people who agree to share in the profits or losses of a business. Types include general partnerships, limited partnerships, and limited liability partnerships (LLPs).
- Corporation:
A legal entity separate from its owners (shareholders), providing limited liability to the owners. Common types include C-corporations and S-corporations.
- Limited Liability Company (LLC):
A popular structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
- Nonprofit:
An organization that does not operate for profit but instead serves a specific public purpose.