Daily Archives: September 2, 2015

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Business Formations

All business forms can be broken in two categories: unincorporated entities and incorporated entities. Under these two categories are various other forms. Unincorporated Entities Unincorporated entities consist of sole proprietorships, partnerships, and limited liability companies. A sole proprietorship is the simplest business form where one person owns the business and all the assets while personally responsible for its liabilities. A sole proprietorship is not a separate legal entity. Therefore, no legal formalities or filings are necessary to create this form of business. There are three main types of partnerships: 1) general partnerships; 2) limited partnership; 3) limited liability partnership. General Read more