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4 Common Types of Business Ownership

Sales Pop!

The type of business ownership dictates the structure, taxation, legal requirements, and liabilities of the business. Partnership Partnership business ownership requires a formal legal agreement outlining each party’s rights and responsibilities. It can be a general partnership or a limited partnership.

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5 Ways Business Structure Can Safeguard Your Business and Personal Finances

Sales Pop!

Taxes, liability, and other considerations are all influenced by a company’s organizational structure. Limited Liability Protection One of the primary draws of Limited Liability Companies (LLCs) and corporations is the limited liability protection they provide their owners.

Finance 52
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Starting a Small Business: What You Need to Know

Sales Pop!

Partnership. Limited liability company (LLC). You can watch projected profits, start-up costs, sales, and cash flow using analytics. You need to choose this with care. Although you can always convert in the future, doing this can have tax consequences. Below are the business structures you can form: Sole proprietorship.

Gaming 98
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Silent Partners, Explained: What to Know About Finding a Silent Partner for Your Business

Hubspot

Sometimes referred to as limited partners, silent partners have a limited financial stake in the company and can only lose the amount of funding they've contributed. Thanks to limited liability, however, silent business partners are generally only liable for the percentage they initially invested in the business.

Legal 74
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How to Open an Online Business

Hubspot

What that means is that your debts, liabilities, income, and losses are taxed on your personal income tax return at normal rates. Partnership — A partnership is where two or more people are the owners and have equal shares in money spent and earned, like Ben & Jerry. You can do this through your Secretary of State office.

Legal 94
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Sole Proprietorship 101: The Easy Guide to Setting One Up

Hubspot

Increased personal liability, difficulty raising capital, and a perceived lack of professionalism are a few of a pitfalls sole proprietors must navigate. A limited liability corporation (LLC) provides the business owner liability protection and tax advantages, while sole proprietors bear personal liability for their business.

Legal 85
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How to Open a Digital Marketing Agency: Essential Steps

Lead Fuze

Making connections with these experts could lead to potential partnerships or mentorship opportunities down the line – both vital ingredients for success. Need Help Automating Your Sales Prospecting Process? Attend industry events such as conferences and workshops where you can meet professionals who share similar interests.