What are some of the common types of business organizations?
The most common types of business organizations include: • Sole Proprietorship – you are the only owner of the business. • Partnership – This can take on the form of a regular partnership, a general partnership, limited partnership or limited liability partnership. • Corporation – the default form of a corporation is a C Corporation (also known as Subchapter C Corporation). Smaller corporations typically file for the S Corporation (Subchapter S) tax election so they are not double taxed. • Limited Liability Company (LLC) – a hybrid formation that provides personal liability protection similar to a corporation, with the flexibility and tax advantages of a single proprietorship or partnership. Should I hire a business law attorney? It’s obvious that you should hire a business attorney if you’re being investigated for securities fraud by the Securities and Exchange Commission (SEC) or a customer is severely injured by one of your products or on your premises. But, there are a lot of not s
