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5 LEGAL STRUCTURES - Coggle Diagram
5 LEGAL STRUCTURES
SOLE PROPRIETORSHIP
Owned By 1 Person
Simplest to Form and Maintain
Taxes are Easy to File
Raising Capital is Limited
PARTNERSHIP
When 2 or More Join Together
Simple Tax Structure
Should Always Create a Partnership Agreement
Avoid General Partnerships
Limited Partnership Limit Liability to Amount Invested
CORPORATION
Created Under State Law
Insulate You from Liabilaty
Have Tremendous Financial Flexibilty
LLC
Neither a Corporation or a Partnership
Must File Articles of Organization with the State
The Control of the LLC are the owners known as Members
Members are protected from liability