What Are The Different Types of Businesses?

There are many things to consider when starting a business. One of the first concerns should be the organization of the company. There are many ways to organize a business in the United States. Every type of business has advantages and disadvantages of tax and operations. Here are some business tax advice from an accountant to make the right decisions for your company.

Individual companies

The sole proprietorship is the most common type of business in the U.S.. In this business, a person is responsible for everything. This includes the daily, owned assets, profits, losses and taxes. The owner would have an accountant to give advice on business taxes. The advantages of a business is that it is easy to install and run, the benefits need not be divided, and the owner makes all decisions. The disadvantages are that the company and its owner are inseparable according to the law. This means that if the company gets into legal or tax issues, your personal property can be executed.

Associations

Another common type of business association. Partnerships involve two or more responsibility to run the company and sharing. Like property, personal property of the shareholders may be lost if there are problems with taxes or judgments. Couples should have clear legal agreements, to prevent disagreements over profit sharing, personal contributions, and inheritance. An accountant will tell you the advantages of partnerships "are the work and performance problems of the company are shared, as are taxes. Partnerships are usually short-lived, ending with the death or departure of a partners.

Corporations

The corporation is a more complex way of organizing a business, but has many advantages over other models. A corporation is an "entity" that is incorporated and registered in his home state. A business letter sets out the purpose of the corporation and its shareholders or owners are. The shareholders elect a board that directs the operations of the company. An accountant who needs to give tax advice to business partnerships and to ensure that tax laws are federal and state. Taxes are generally higher. The company allows owners to limit the financial liability and lawsuits, debts or even bankruptcy.

Limited Liability Companies (LLC)

The LLC is a new business class that functions as a hybrid between a partnership and a corporation. Owners are listed as "members" and paperwork of the organization is presented, which states its purpose and conditions. The main tax benefit of an LLC is taxed at individual rates rather than higher rates of the company. Members also have limited legal and financial responsibility. An LLC can have no more than two corporate functions, such as the continuation of the agreement, centralized management, asset ownership and transfer of ownership. If more than two of these is re-classified as a corporation.

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