The Entrepreneur’s Ultimate Tool Kit – Business Entity Types (Three of Twelve)

Here’s an overview of the four basic legal forms of ownership for small businesses: sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). Sole Proprietorships The vast majority of small businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. Sole...

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