Business Organizations

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4 Terms

1
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Sole Proprietorship

  • Entity does not pay tax

  • Unlimited Owner liability

  • No separate legal entity

  • Ends with owner death

2
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Partnership

  • Entity does not pay tax

  • Unlimited Owner liability

  • No separate legal entity

  • Ends with a partner death

3
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Corporation

  • 1 or more owners

  • Does pay tax

  • Limited Owner liability

  • Has separate legal entity

  • Indefnite life

4
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Limited Liability Co. (LLC)

  • 1 or more owners

  • Does not pay tax

  • Limited owner liability

  • Has separate legal entity

  • Indefinite life