– Getting Started & Next Steps

Some Business Structures to Think About
There are seven main major business structures. The reason for the existence of several models is that businesses thrive at different models. Different businesses have diverse rules. The different models of businesses will be clear if you read to the end.
The first one happens to be the sole proprietorship but see page. A single person is the one who owns this type. The starting of this type of business is easy but the owner bears all the risks. Still, there is no selling of shares of the firm in the firm by the sole proprietor but consider this company.
General partnerships is the next category. There are several partners and this is the major distinction between this category and a sole proprietor. Losses and profits are shared by all partners but consider this service. Decision making may be hard if there are too many partners. Many of the partnerships always fall since they are based on informal agreements but see website.
The other type is a Limited Liability Partnership but check it out. To set up this type of partnership, there is some paperwork and legal fees that are required but check this service. This type has limited liability and other partners can join later. All the partners will share in the debts and profits. This is the case with all legal liabilities.
Corporations are the other types of business. A corporations is owned by those who own shares in a company. The shareholders will decide the running of the company. The profits are shared according to the number of shares each individual has. Raising capital is easy since it only requires selling of shares. Also, banks salivate when it comes to lending to corporations. Another good thing with corporations is that there is no personal liability. It is extremely hard for decisions to be made in corporations. When it comes to taxes and legal fees, corporations will pay more.
Again, there are the S Corporations. These are not the same as we know standard corporations. The bulk of the losses and tax deductions will be felt by all shareholders. The maximum number of shareholders is 100 but read more now. However, there is a very high degree of protection that the shareholders will enjoy.
There are also the Limited Liability Companies. These ones boast a recent business structure. Aspects of partnerships and corporations are merged in them. The owners pay income taxes on their profits.
There is a level of protection offered by these ones to the owners. This happens to be the best for the high risk businesses but read more.
The last one is a Co-Op. members of a cooperative society are the ones legible to run this type but check it out. These are handy in providing services to the members.