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Differente types of Business - Coggle Diagram
Differente types of Business
Sole Proprietorship: Is a non registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner.
Unlimited personal liability
Easy to form and dissolve
Owned by one individual
Partnership: Is a legal agreement between two or more entities that determines shared ownership and operation of a business.
Shared profits, liabilities, and management
General Partnership
All partners have unlimited liability
Owned by two or more people
Limited Partnership
Limited partners have limited liability
General partners have unlimited liability
Corporation: Is a legal entity created by individuals, stockholders, or shareholders, with the purpose of operating for profit.
Perpetual existence
C-Corporation
Subject to double taxation
Limited liability for shareholders
Separate legal entity from owners
S-Corporation
Pass through taxation
Restrictions on ownership
Limited Liability Company: Is a business entity that prevents individuals from being liable for the company's financial losses and debt liabilities.
Limited liability for members
Passthrough taxation
Hybrid: Corporate and Partnership characteristics
Additional Types
Non Profit Organization
Cooperative
Franchise