Sole proprietorship: This is the simplest and most common type of business structure, where a single person owns and operates the business. The owner is personally liable for the business's debts and obligations.
Sole proprietorship: This is the simplest and most common type of business structure, where a single person owns and operates the business. The owner is personally liable for the business's debts and obligations.
Partnership: A partnership is a business owned and operated by two or more people. Partnerships can be either general partnerships or limited partnerships, where one partner is a general partner with unlimited liability, and the other partners are limited partners with limited liability.
Limited Liability Company (LLC): An LLC is a type of business structure that combines the flexibility of a partnership with the limited liability of a corporation. LLCs are owned by one or more people and are taxed like partnerships.
Corporation: A corporation is a legal entity that is separate from its owners. Shareholders own the corporation, and a board of directors manages it. Corporations have limited liability, which means that the shareholders' personal assets are protected from the corporation's debts and liabilities.
S Corporation: An S Corporation is a type of corporation that is taxed like a partnership. It allows the business to avoid double taxation, where the business's profits are taxed at both the corporate and individual levels.
Joint venture: A joint venture is a business arrangement where two or more parties come together to undertake a specific business project. Joint ventures are often formed when each party brings complementary skills or resources to the table.
Nonprofit: A nonprofit organization is a type of business structure that is not designed to make a profit. Instead, it focuses on providing a public benefit, such as a charity or educational institution.
Sole proprietorship with DBA (doing business as): A sole proprietorship can also operate under a fictitious business name, known as a DBA. This allows the business to operate under a different name without having to create a separate legal entity.
Business model in exchange for a fee. Franchisees are independent business owners but must follow the franchisor's rules and guidelines.