TYPES OF BUSINESS
1 min readOct 30, 2023
- Sole proprietorship: A business owned and operated by one person who is responsible for all aspects of the business.
- Partnership: A business owned and operated by two or more people who share profits and liabilities.
- limited partnership (LP): A limited partnership (LP) is a type of business partnership where there are two or more partners but with different levels of liability and management responsibility.
- Corporation: A legal entity separate from its owners that can own property, sue and be sued, and issue stocks.
- Limited Liability Company (LLC): A type of business structure that combines the limited liability protection of a corporation with the tax benefits of a partnership.
- Cooperative: A business owned and operated by a group of individuals who share profits and decision-making power.
- Nonprofit organization: A business that operates for the benefit of the public or a specific group, and is not intended to generate profit.
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