Pro Wealth Biz

There are different entities of business you can consider when establishing a business.  Consider what your business is, how you want to run and protect it.  And finally contemplate the growth of your business when forming a legal business entity.  Let’s take a look at the four primary business entities below:

Sole Proprietorship – individual ownership.  No legal clarification between owner and business.  All profits and losses weigh upon the owner, paid from their own resources.

Corporation or Incorporated –  An institution that is granted a charter.  The charter makes it a separate legal entity.  Corporation has its own privileges, and liabilities separate from those of its members. There are many different forms of corporations used to conduct business

General Partnership – partnership of partners jointly liable for debts of the partnership.  Normally created by agreement over public filing.

Limited Liability Company - Business with limited liability.  Not a corporation. Blends entities of partnerships and corporations.