Type Of Business

Hello sir, I am Anirban Bardhan. I am from Kolkata. I want you to help me by giving me some information regarding the types of business structure. Can you give me various details about it?

[Shaleen]

As you have asked about the types of business structure, I am giving you details about it
Sole Proprietorship
A Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management, fewer legal controls, and fewer taxes

General Partnership
A General Partnership is composed of 2 or more persons (usually not a married couple) who agree to contribute money, labor, or skill to a business. Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership.

Limited Partnership
A Limited Partnership is composed of one or more general partners and one or more limited partners.

Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is similar to a General Partnership except that normally a partner doesn’t have personal liability for the negligence of another partner.

Limited Liability Limited Partnership (LLLP)
A Limited Liability Limited Partnership is a Limited Partnership that chooses to become an LLLP by including a statement to that effect in its certificate of limited partnership.

Corporation
A Corporation is a more complex business structure. A corporation has certain rights, privileges, and liabilities beyond those of an individual.

Nonprofit Corporation
A Nonprofit Corporation is a legal entity and is typically run to further an ideal or goal rather than in the interests of profit. Many nonprofits serve the public interest, but some engage in private sector activities.

Limited Liability Company (LLC)
A Limited Liability Company (LLC) is formed by 1 or more individuals or entities through a special written agreement.

Massachusetts Trust
A Massachusetts Trust is an incorporated business with the property being held and managed by the trustees for the shareholders.

Trust
A Trust is a legal relationship in which one person, called the trustee, holds property for the benefit of another person, called the beneficiary.

Joint Venture
A Joint Venture is formed for a limited length of time to carry out a business transaction or operation.

Tenants in Common
A Tenants in Common allows 2 or more people to occupy the same business while retaining separate identities in regard to assets or liabilities resulting from business activities.

Municipality
A Municipality is a public corporation established as a subdivision of a state for local governmental purposes.

Association
An Association is an organized group of people who share in a common interest, activity, or purpose.