Business Ownership Types

Business Entity Types

There are 3 main types of business structures in the United States. They are:

• Sole Proprietor
• Partnership
• Corporations

And a fourth type typical in most states, The Limited Liability Company, abbreviated, LLC. This is issued state by state. It limits the owners liability from law suits and bankruptcy.

I would like to introduce you to an extremely helpful organization, The Small Business Development Center, SBDC. They are publicly funded resources for entrepreneurs, startups, and small business owners.

The following item is one of their resources available to help you in your quest for starting and operating a business. In it, it will show you the main types of business entities.

Nevada Small Business Development Center

Forms of business ownership

Nevada SBDC has provided this great resource about the types of business structures. From Sole Proprietorships to Corporations, and let’s not forget about Limited Liability Companies or LLC’s. Click the links provide here to read this concise article about business entities and their associated key factors.

Which is the right one for your business?

One of the first executive decisions you’ll make for your new business is choosing the type of legal organization that’s best for you. The choice you make is important because it will determine what your business can and cannot do, what will happen if someone sues you, and how both you and your business are taxed. There are basically four ways to organize a business. Listed from the simplest to sophisticated, they are:

• Sole Proprietorship
• Partnership
• Corporation
• Limited Liability Company

Read the Nevada Small Business Development Center Forms of businesses here.