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Types of Firms

Corporation
Corporation

Firm that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from its owners.

General Partnership
General Partnership

A general partnership, the basic form of partnership under common law, is in most countries an association of persons or an unincorporated company with the following major features: Must be created by agreement, proof of existence and estoppel.

Limited Liability Company (LLC)
Limited Liability Company (LLC)

A limited liability company (LLC) is the United States of America-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Limited Liability Limited Partnership (LLLP)
Limited Liability Limited Partnership (LLLP)

In an LLLP, by having the limited partnership make an election under state law, the general partners are afforded limited liability for the debts and obligations of the limited partnership that arise during the period that the LLLP election is in place.

Limited Liability Partnership (LLP)
Limited Liability Partnership (LLP)

The Liability of each partner is limited to his share as written in the Agreement filed at the time of creation of LLP as compared to Partnership Firms which have unlimited liability. It has a Low Cost of Formation and is Easy to Form.

Nonprofit Corporation
Nonprofit Corporation

A Nonprofit corporation is a special type of corporation that has been organized to meet specific tax-exempt purposes. To qualify for Nonprofit status, your corporation must be formed to benefit: (1) the public, (2) a specific group of individuals, or (3) the membership of the Nonprofit.

source: legalzoom.com
Sole Proprietorship
Sole Proprietorship

A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of enterprise that is owned and run by one natural person and in which there is no legal distinction between the owner and the business entity.