Business Entity Classifications

There are 6 basic types of business entitites as follows;


1) SOLE PROPRIETORSHIP;

2) PARTNERSHIP;

3) LIMITED LIABILITY COMPANY;

4) CORPORATION;

5) LIMITED PARTNERSHIP;

6) BUSINESS TRUST


Each business entity has a variation of the following factors;


1) LIMITED LIABILITY;

2) CENTRALIZATION OF MANGEMENT;

3) PERPETUAL LIFE;

4) TRANSFERABILITY OF INTEREST;

5) SIMPLICTY OF ORGANIZATION;