Types of Business Organization
A corporation is a business or organization formed by a group of people, and it has rights and liabilities separate from those of the individuals involved.
A general partnership is an arrangement by which two or more persons agree to share in all assets, profits and liabilities of a business. A general partnership is an arrangement by which two or more persons agree to share in all assets, profits and liabilities of a business.
A business can choose from a vast array of potential organizational structures. Lateral organizations, top-down organizations and other types of organizational structures can all be combined into a hybrid structure. The World Bank defines a hybrid organizational structure as one in which more than ...
A limited liability company is an option that small business owners should look at when deciding on their business structure. The small business owner should consider all the taxation, accounting, and legal ramifications before making a decision.
The limited liability limited partnership (LLLP) is a relatively new modification of the limited partnership, a form of business entity recognized under United States commercial law. An LLLP is a limited partnership and as such consists of one or more general partners and one or more limited partners. Typically, while the general partners manage the LLLP, the limited partners' interest is ...
Definition: A business organization that allows limited partners to enjoy limited personal liability while general partners have unlimited personal liability . A limited partnership is similar to a general partnership except that it has two classes of partners.
A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner.
A manufacturing business is any business that uses components, parts or raw materials to make a finished good. These finished goods can be sold directly to consumers or to other manufacturing businesses that use them for making a different product. Manufacturing businesses in today's world are normally comprised of machines, robots, computers and humans that all work in a specific manner to create a product.
merchandising business. A commercial enterprise dedicated to the purchase of finished goods and their resale for a profit. A merchandising business will generally buy their products from a wide range of distributors domestically and internationally and market their products in huge consumer shopping facilities.
Nonprofit Corporation. Definition: A business organization that serves some public purpose and therefore enjoys special treatment under the law. Nonprofit corporations, contrary to their name, can make a profit but can't be designed primarily for profit-making.
A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business.
A business organization is a person or a group of people working together in pursuit of the same commercial interest. To do this effectively, you must decide what type of business organization best suits your needs. Let’s Get Down to Business. Generally, there are two types of businesses, nonprofit and for profit.
Sole Proprietorship Basics. A sole proprietorship is a business that is owned by a single person. The owner of a sole proprietorship has total control over the operation of the business, so he is able to choose what the company sells, who to hire to help run the company and how to grow the company.
An S corporation may revoke its subchapter S status by either failing to meet the conditions of eligibility for S corporations, or by filing with the IRS no later than two months and 15 days after the first day of the taxable year. Once the revocation becomes effective, the business will be taxed as a corporation.