forms of businesses

Question 0

partnership

Answer 0

pooling of capital resources and the businesses or professional talents of two or more individuals( partners) with the goal of making profit

Question 1

sole proprietorship

Answer 1

form of business ownership in which one person owns the business

Question 2

corporation

Answer 2

artificial being created by government grant, which is for many purposes is treated as a natural person. Requires a corporate structure consisting of shareholders, directors, and officers.

Question 3

LLC ( Limited liability company)

Answer 3

a partnership for federal tax treatment and the limited liability feature of the corporate form of business organization.

Question 4

LLP ( limited liability partnership)

Answer 4

partnership in which at least one partner has liability limited to the loss of capital contribution made to the partnership.

Question 5

benefits vs. detriments

Question 6

tax differences

Question 7

domestic vs. foreign corporations