So, you have finally decided to start your own business. To give you a head start, you need to understand the basics of how a business works. Here is a quick overview:
What is a Business?
A business, also referred to as a company, firm or enterprise, is a legal organization that provides services or goods to people. Most businesses are privately owned and business owners have the common goal of earning profit from the business.
Different Forms of a Business
- Sole proprietorship. This form of business is owned by only one person. The business owner may choose to operate on his or her own or may choose to employ others to run the business. The owner of the business is the only one liable of the debts that may incur by the business.
- Partnership. This form of business is owned by one or more people. Classified into general and limited partnership. General partnership is when the partners have unlimited liability for the debts incurred from the business. Each general partner has an equal right to participate in the management and control of the business. With limited partnership, each of the partners will have limited liability for the debts, limited to the contribution each has made to the partnership.
- Corporation. This form of business is owned by multiple shareholders with board of directors that oversee the business. They hire people to manage the business. A corporation can either be organized for profit or non-profit and is operated as a separate legal entity. The debts and liabilities of the corporations are also separate from those of the owners.
- Co-operative. This form of business, often referred to as “co-op”, belongs to the people who use the goods and services of the business. It is a limited liability entity that can organize for-profit or for non-profit. As opposed to shareholders of cooperation, co-op has member-owners who share equally in the control of their cooperative and in the share decision-making process.
If you are starting your own business, you may need to consult a qualified business lawyer to help discuss with you the different forms of business and to help you determine what form of organization best fits your needs.
Additional Legal Information: Business Lawyer Ned Kimmelman. Serving Clients in South Florida.
The information on this article is not intended as legal advice.
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