Types of Legal Ownership

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Please see the papers below and if you cannot do it than do not waste the time. THIS IS VERY IMPORTANT PAPER AND CANNOT BE RE-DO AGAIN.



Types of Legal Ownership There are four main types of legal ownership for businesses in the United States. These are sole proprietorship, general partnership, limited liability company (LLC), and corporation. These differ from one another on a few major characteristics such as number of owners, operational requirements, and federal taxation. Using your textbook, the Argosy University online library resources, and the Internet, research these and other major characteristics of the four types of business ownership. Download and complete the following table on the types of business ownership structures: • Explain in detail the characteristics of the types of business ownership structures using real-world examples to illustrate. Be sure to provide at least one example for each type. Write a 1–2-page paper in Word format. Apply APA standards to citation of sources. Submit both your completed table and your paper for grading.
Types of Legal Ownership Ownership Structures Sole Proprietor General Partnership Number of Owners Formation Difficulty Liability Low Federal Taxation Corporation One or more Multiple Medium Officers/shareholders are not typically responsible for the debts of the corporation. Sole proprietor has unlimited liability. There are relatively few legal requirements. Operational Requirements Management Limited Liability Company (LLC) Formal board of directors, annual meetings, and annual reporting required. Members have an operating agreement that outlines management. Sole proprietor has full control of management and operations. It is not a taxable entity. Each partner pays tax on his/her share of income and can deduct losses against other sources of income. It is taxed at the entity level. If dividends are distributed to shareholders, they are also taxed at the individual level. Page 1 of 1 Introduction to Business in a Technology World ©2011 Argosy University Online Programs

Tutor Answer

ProfOscar
School: UCLA

Attached.

Types of Legal Ownership

Ownership
Structures

Sole Proprietor

General
Partnership

Limited
Liability
Company
(LLC)

Number of
Owners

one

Two or more

One or more

Multiple

Formation
Difficulty

Low

Low

Medium

Medium

Corporation

Liability

Sole proprietor
h...

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