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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Limited Liability

Limited Liability Company (LLC) – Business Entities

Limited Liability Company (LLC) This is similar to a limited partnership, and gives owners limited liability but has some of the capital income advantages of a partnership. There are no restrictions on the number of members and investors can share in the management of the business. The letters LLC must be included in the business […]

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law

Limited and Unlimited Liability – Business Entities

Before we continue with the remaining business entities it is important to understand what is meant by the terms, ‘Unlimited and Limited Liability. Liability means that someone is legally responsible for the debts or actions of the business. Unlimited Liability This usually refers to Sole Proprietors and Partnerships where the business owners are fully responsible […]

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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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