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Accounting: Common Legal Business Types

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Accounting: Common Legal Business Types

  • Sole proprietorship
    A simple business structure run by one person for their own benefit. It’s easy to form and gives the owner complete control.
  • Partnership
    A business owned by two or more people who share in the profits and losses. General partnerships divide rights and responsibilities equally among partners, while limited partnerships have both general and limited partners with different responsibilities.
  • Corporation
    A legal entity that operates under state law and is separate from its owners, managers, and controllers. Corporations are double-taxed, meaning the company and each shareholder pay income taxes on the same source of income.
  • Limited liability company (LLC)
    A hybrid between a corporation and a partnership that allows business owners to take advantage of benefits from both structures.
  • S corporation
    A type of corporation that passes profits and losses directly to the owner’s personal income without corporate tax rates. S corporations can’t have more than 100 shareholders, and all shareholders must be US citizens.
Nonprofit corporation
A business that focuses on the public good, such as charity, education, or scientific organizations. Nonprofits receive tax-exempt status from the IRS, but must keep detailed records and file extra paperwork to maintain their classification.

Accounting: Common Legal Business Types

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Many of you have asked which AI software applications we are utilizing. We currently use Gamma.app for content creation and Play.ht for text-to-speech (TTS).