What type business

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Search for software and business topics:. Advertiser Disclosure. Elizabeth Gonzalez Legal and Regulatory Expert. Advantages of a sole proprietorship Sole proprietorship is a simple ownership type with several advantages, including the following: Simplicity: In most cases, sole proprietors operating under their own names can simply get to work without filing paperwork with the state.

Sole proprietorships may be exempt from certain licensing and registration requirements such as obtaining a business license to sell online. This makes sole proprietorship the simplest and least expensive among the different types of business ownership.

Control over the business: A sole proprietorship is owned by a single person. Disadvantages of a sole proprietorship Sole proprietorships do have their disadvantages compared to other types of ownership.

Legal liability: A sole proprietorship passes more than income through to its owner. Legally, the two are inseparable. That means any lawsuits or other claims against the business are launched personally against the owner.

Financial risk: In addition to legal risks, sole proprietors take on all financial risk of the business personally. Your home, bank accounts, cars, and other assets can be seized to satisfy claims by creditors if your business hits a rough patch financially. They also must allow shareholders to vote on major decisions. S corporations can only issue common stock, which could impact the corporation's ability to raise capital.

A B corporation, also called a benefit corporation, is a for-profit corporation that is driven by mission and profit. They are taxed in the same way as C corporations but are focused more on purpose, accountability and transparency.

Nonprofit corporations are organized with the intent of doing philanthropic work. Because their work benefits the public, they can receive tax-exempt status and not pay taxes on profits. They follow organizational rules that are like a C corp but also have special rules regarding profits. Here are the main factors you will need to consider before choosing the type of legal structure for your business. Your goal when selecting a type of business is to identify the one that allows for maximum flexibility with the ownership structure.

You need to consider the goals, concerns, needs and financial situations of each owner. Another factor you need to consider when forming your business is the extent to which you need to be protected from liability. You need to examine the potential liability of your organization and decide if you can personally afford the risk.

If you cannot, a partnership or sole proprietorship is likely not the best type of business to start. You will need to establish the level of complexity you want to take on with your business. Sole proprietorships are the simplest option and incorporating your business can become highly complex, with state and federal reporting requirements. You will also need to consider the tax implications for the organization and what the opportunities are for minimizing taxation.

There are more tax options for corporations than partnerships or sole proprietorships. Double taxation can be a problem with corporations but can be avoided with an S corp.

You need to determine the amount of control you want over the business. If you need to have complete control, an LLC or sole proprietorship may be the best choice. While a single person can control a corporation, as the business grows, it will become a board-directed entity.

If you plan to seek outside funding for your business, you may want to establish a corporation. Corporations can secure additional funding and sell stock as opposed to sole proprietorships, which can only obtain funding through their personal bank accounts or by taking on partners.

Find jobs. Company reviews. Find salaries. Upload your resume. Sign in. Aligning your goals to your business organization type is an important step, so understanding the pros and cons of each type is crucial. There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC.

Below, we give an explanation of each of these and how they are used in the scope of business law. The simplest and most common form of business ownership, sole proprietorship is a business owned and run by someone for their own benefit.

These come in two types: general and limited. In general partnerships, both owners invest their money, property, labor, etc.