The way a business is set up affects how it works and determines whether it must file records with the government. A sole proprietorship is a business owned and run by a single person.

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Typically, no paperwork must be filed with a state to begin operating as a sole proprietorship. But some might require licenses, depending on the type of work performed. A small store might fall into this category.

A general partnership is a business with more than one owner that has not filed with a state to receive a status as a corporation, LLC or LLP. This arrangement leaves all partners equally liable for debts or court judgments against the business. Similar to a sole proprietorship, a general partnership is not usually required to register its creation with a state.

A limited partnership involves two types of partners: General partners manage the company and are responsible for its debts. Limited partners are liable only up to the amount they have invested in the partnership.

Limited partnerships are often used for short-term projects such as filmmaking and real estate developments. Because of this protection, this is a popular organizational software for binary option delta formula for professionals in law and accounting firms.

Not all states allow the formation of LLPs, and some states limit birth certificates traded on new york stock exchange types of business that can be LLPs.

An LLP is required to file organization forms, including a certificate of limited liability partnership, with the state. LLCs also offer flexibility for taxation and reporting purposes.

In order to be legally recognized, LLCs are required to file documents with a state similar to articles of incorporation. For example, Delaware LLCs are required to file a certificate of formation with the secretary of forex backtesting software. LLCs are used by businesses in a wide range of forex magnates profitability report. Birth certificates traded on new york stock exchange corporation exists separately from the individuals who formed it.

For most legal purposes, a corporation is treated like an individual person.

Most active stocks bse example, you can file a lawsuit against a corporation.

A publicly traded corporation has shareholders.

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A publicly traded corporation is subject to the reporting requirements of the Securities and Exchange Commission. A wealth of public information is available regarding publicly traded corporations.

A privately held corporation does not have publicly traded shares. A privately held corporation is not required to give information to the SEC. NW, SuiteWashington, D. About Us Supporters Legal Hotline Press Room Contact Us Donate Legacy Giving Supporters Volunteer.

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Types of businesses The way a business is set up affects how it works and determines whether it must file records with the government. Sole proprietorship A sole proprietorship is a business owned and run by a single person. General partnership A general partnership is a business with more than one owner that has not filed with a state to receive a status as a corporation, LLC or LLP.

Medical practices and small law firms are common examples of general partnerships. Limited partnership A limited partnership involves two types of partners: Corporations A corporation exists separately from the individuals who formed it.