Corporation

Business Corporations – Business Entities

A corporation is a legal entity in its own right and is separate from the individuals working within or owning it. A corporation is considered to be a legal ‘person’. They can hold property in their own name and can sue and be sued.  Publicly Held and Closed Corporations. Publicly held corporations are owned by shareholders […]

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Partnership

Business Partnerships – Business Entities

A partnership is made up of two or more individuals who are in business together. Partnerships may be a small family operation, or a larger legal or accounting firm. The two main types of partnerships are: General partnership. Limited partnership. General partnerships No express agreement is required for this type of partnership. Partners invest their money, property, […]

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Sole Proprietor

Sole Proprietor – Business Entities

Sole Proprietor (Sole Trader) is the most common form of business organizational. It is generally one person doing business for themselves on their own property. Business owners may hire employees and are responsible for their actions. E.g. If an employee damages something or injures someone the business owner may be liable for any costs or […]

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business entity

Choosing A Business Entity

This is the first article in our Business Law series. This section covers the different types of business legal entities (legal types of business). It is important for business owners to understand the main differences between business organizations and which business organization is best for them as it affects: How the business is taxed. The […]

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