Nowadays anybody can conduct business under one of the following legal structures: Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Company, Corporation and S Corporation. The efficiency of any of these structures depends on the type of the business and the goals of its organizers (for example, how much managerial flexibility is required, whether the owners need to protect their personal assets from the liability incurred during the business operations, cost of formation of various types of companies, taxation, etc.). The business organizers should carefully compare various legal structures in order to determine which one will be the most beneficial for their business activities. Here I present the basic characteristics of each legal form for business enterprise for your review and consideration.
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Pros & Cons of available legal structures for business entities
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