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 […]

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 […]

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 […]

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, […]