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Eco201

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Types of Legal Ownership
Amanada Moore
June 8, 2016
Introduction to Business in a Technology World
Heather Montgomery
Argosy University

Types of Legal Ownership Ownership Structures | Sole Proprietor | General Partnership | Limited Liability Company (LLC) | Corporation | Number of Owners | One | Two or more | One or more | Multiple | Formation Difficulty | Low | Low | Medium | Medium/High | Liability | Sole proprietor has unlimited liability. | Partners have unlimited liability. | Members aren’t typically liable for the debts of the LLC. | Officers/shareholders are not typically responsible for the debts of the corporation. | Operational Requirements | Relatively few legal requirements. | There are relatively few legal requirements. | Some formal requirements, but less formal than corporations. | Formal board of directors, annual meetings, and annual reporting required. | Management | Sole proprietor has full control of management and operations. | Typically each partner has an equal voice unless otherwise arranged. | Members have an operating agreement that outlines management. | Managed by the directors, who are elected by the shareholders. | Federal Taxation | Not a taxable entity. The sole proprietor pays all taxes. | It is not a taxable entity. Each partner pays tax on his/her share of income and can deduct losses against other sources of income. | Depending on structure, there is no tax at the entity level. Income/loss is passed through to members. | It is taxed at the entity level. If dividends are distributed to shareholders, they are also taxed at the individual level. |

Types of Legal Ownership
With so many individuals starting businesses in today’s business world it is hard to figure out which legal ownership is there right one to for that particular business. Selecting the proper legal business type is very important for one’s...

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