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Created by Jianna Rogers

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A legal business entity that is separate from its owners

Pros:

Corporations can deduct the cost benefits it provides to its employees

shareholders are not liable for debts handed down against the corporation

Cons:

government  agencies monitor corporations

may be subject to higher taxes since because of the government

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a legal business owned by 2 or more individuals who share management positions and profits.

pros:
this types of business are easy to establish
improving management and wide pool of knowledge and skills between the partners

Cons:

heavily liable to contracts, torts, and breaches of trust between partners

each partner individually is liable for debts and obligations

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Simplest ownership of a business where an individual owns the business and is responsible for all cash business including debts.

Pros-

have functional tax  advantages

the owner controls 100% of the business so they are in control of the profits

cons-

the have a high exposure to liability meaning they are personally liable for debts and obligations of the business

if an owner decides it wants another owner they mus dissolve this entity and create a new business entity

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a legal business entity to support and provide business owners with lo liability

pros

Flexible when it comes to taxes

Less paper work

cons

Subject to self employment taxes

LLC's typically don't assign roles like managers and employees, this may cause confusion on who is in charge and who can sign contacts.

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example of partnership

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eBay originally launched as auction web is an example of a business that stared out as a sole proprietorship but eventually grew

another example is kinkos which also eventually grew and expanded to other owners and partners.

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1. McKinsey & Company

2. allens

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this is my dads company

another example would be Chrysler LLC