Business Structure

Business Structure

FIN 571

Business Structures

As seen on the video there are different kind of business structures, each one differentiates from one to other giving options to people that want to be business entrepreneurs. There are Sole proprietorship, general partnerships (gp), limited partnerships (lp), limited liability companies (llc), s corporations and c corporations. Each one of them serves a purpose depending on your needs and the needs of your business.

A Sole proprietorship is easy to start and has no costs to begin as this like some others; also there are no annual reports required or operating documents. On the other side owner don't have any liability protection, it means you are liable for everything, and they do pay state and federal taxes on profit and...