The Business Ownership describes the ownership structure under which your business is owned and operated.
An Individual (Sole Proprietorship) is one individual in business alone. Sole proprietorships are the most common of business structure.This type of business is simple to form and operate,
and may enjoy greater flexibility of management and fewer legal controls. However, the business owner is personally liable for all debts incurred by the business.
A Partnership is composed of two or more persons who agree to contribute money, labor, and / or skill to a business.Each partner shares the profits, losses, and management of the business,
and each partner is personally and equally liable for debts of the partnership.Formal terms of the partnership are usually contained in a written partnership agreement.
A Corporation is a more complex.business structure.As a chartered legal entity, a corporation has certain rights, privileges, and liabilities beyond those of an individual.Doing business as a
corporation may yield tax or financial benefits, but these can be offset by other considerations, such as increased licensing fees or decreased personal control.Corporations may be formed
for profit or nonprofit purposes.
A Limited Liability Partnership is similar to a Partnership except that normally a partner does not have personal liability for the negligence of another partner.
A Limited Liability Corporation is formed by one or more individuals or entities through a special written agreement.The agreement details the organization of the LLC including: provisions for management, assignability of interests, and distribution of profits or losses."