BLAW 300 Lecture Notes - Lecture 3: Limited Liability Partnership, Sole Proprietorship, Limited Liability

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When choosing a business entity, entrepreneurs should consider: Four main types of business enterprises to consider in determining what business entity is right for you: Partnership- two or more people control the business and have an undivided (and perhaps unequal) ownership interest. Money you"re taking home may be unequal, but your say should be equal. Limited partnership- two or more people own the company. One person, the general partner has unlimited liability, the other partners have limited liability. Needs to have the approval of the state government in order to be run. Two previous types of entities do not require approval. This one and the next one both require approval. Corporation- owned by shareholders with a board of directors controlling it. If the person who owns the business passes away, it is difficult to run the business in the manner that the original owner intended. Trade name or fictitious name to be considered if not using own name.

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