A sole proprietorship is the simplest form of business entity. It requires no formal organization papers or formalities for conducting the business. Essentially, the individual functions as a business and is liable for all of the debts and liabilities incurred. A sole proprietorship is generally considered an informal business organization. That is, it does not require any …
What are the Pros and Cons of a Sole Proprietorship? Read More »
A partnership is simply a joint venture of two or more individuals conducting a business together for profit. Like the sole proprietorship, the partners are liable for the debts and liabilities of the business individually. Again, no formal organization is required, though a written partnership agreement is always recommended. This type of business entity is …
What Is a Partnership and When Is It a Good Idea? Read More »
A hybrid of partnerships and corporations, an LLC provides limited liability for all of its “members.” This is true even as management of the company may remain the same as a general or limited partnership. Its structure is flexible, allowing for a wide variety of situations, and formalities minimal, requiring little else than a filing of Articles of Organization with …
