How Businesses are structured? | Floridabusinesses.net

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How Businesses are Structured?

• Whether you have Small Business or large
  organization, legal structure defines how you
  manage the upper hierarchy of your organization.
  Every structure has its tax and liability
  responsible for decision making and future.
• Most common structures for small businesses are
  usually individual ownership whereas as the size
  of the business increases partners handle them in
  organized way. Each structure has its pros and
  cons,
• you should choose the best structure as per
  business requirements.
• Sole Proprietorship
• General Partnership
• Limited Partnership
• LLCs and LLPs

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• Sole Proprietorship Standing as individual
  beacon in the running the whole business for
  complete sovereignty. Normally this is the most
  common form of business ownership. Profits coming
  from conducting the business are taxed to owner
  individually as single entity. Similarly debts
  can cause unlimited liability to owner as well.

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• General Partnership When two or more persons
  come up together for Business operations and
  management. A simple agreement is agreed between
  partners to avoid potential conflicts. Profits
  and liability are divided on the basis of their
  percentage they have in owning a company.

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• Limited Partnership In this type of business
  structure there are limitations to one or more
  partner in the partnership whereas a general
  partner has more control over the company to make
  decisions to conduct business their own way.
  Limited partners may receive a separate part of
  their investment.

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• LLCs and LLPs Limited liability company (LLP) or
  Limited Liability Company (LLC) is mixed form of
  business using Corporate and partnership
  structure. This act as separate legal entity from
  its owner with has the power to acquire new
  assets, incur liabilities and conduct day-today
  business as usual.

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