Submitted by: Submitted by gilvega60
Views: 10
Words: 1070
Pages: 5
Category: Business and Industry
Date Submitted: 08/10/2015 04:27 PM
Types of Legal Ownership
|Ownership Structures |Sole Proprietor |General Partnership |Limited Liability |Corporation |
| | | |Company (LLC) | |
|Number of Owners |One |Two or more |One or more |Multiple |
|Formation Difficulty |simple |Low |Medium |High |
|Liability |Sole proprietor has |Partners are jointly |Officers/shareholders |Officers/shareholders are not |
| |unlimited liability. |liable for all legal |are not typically |typically responsible for the |
| | |and financial |responsible for the |debts of the corporation. |
| | |obligations |debts of the corporation| |
|Operational Requirements |Must choose original name |There are relatively |File the articles of |Formal board of directors, annual |
| |it cannot be claimed by |few legal requirements.|organization. |meetings, and annual reporting |
| |another business. | | |required. |
|Management |Sole proprietor has full |Control and management |Members have an |Board of directors elected to |
| |control of management and |structures are |operating agreement that|manage the corporation. |
| |operations. |available by agreement.|outlines management. |...