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I to b business entity and its types

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INTRODUCTION TO BUSINESS CHAPTER 1 QUESTION NUMBER 1 DESCRIBE IN DETAIL BUSINESS ENTITY AND ITS TYPES. ANSWER BUSINESS ENTITY TYPES Business entity simply refers to the form of incorporation for a business. Limited liability companies and corporations are common types of legal entities. When a business incorporates, the law recognizes the business as a distinct legal entity which can enter contracts and acquire property among other rights and privileges. There are, of course, some exceptions like sole proprietorships and general partnerships, which do not require incorporation. They also do not have the same rights and privileges as incorporated legal entities. There are four broad groups of business entities:  Limited liability companies.  Corporations.  Partnerships.  Sole proprietorships. There are important flavors of each class of business entity. 1. LLC A limited liability company (LLC) is a unique form of business entity. LLC owners are called members. The people who run an LLC are called managers. However, the organizational documents can change this terminology. There are, generally, no restrictions on the number or type of owners of an LLC. Limited liability ...
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Anonymous
Awesome! Perfect study aid.

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