Bus 101

One of the first decisions that you will have to make as a business owner is to determine how the company should be structured. Therefore, your initial choices would be to decide on what organizational form your business will have. The three types of ownership for a business are sole proprietorship, partnership and corporation.

As a Sole Proprietor you are the business owner. You are the only person who owns your business and in total control of the operations of your business. A sole proprietor has no legal findings and is not required by the Internal Revenue Service to submit budgets or annual reports for record keeping.

A Limited Liability Company or partnership is when owners are called members and have limited personal liability for any debts or actions that may take in the...