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Company type refers to the legal structure of a business. Different types of companies have different levels of responsibility taxation and liability. The most common forms of company type are:

  • Sole Proprietorship
  • Partnership
  • Corporation
  • Limited Liability Company (LLC)

Each type of company has its own advantages and disadvantages depending on the purpose and size of the business. Sole proprietorships offer the simplest form of business structure and are typically owned and operated by one individual. Partnerships are an arrangement between two or more individuals to manage and operate a business. Corporations offer the greatest level of personal asset protection but require more paperwork and formalities. Limited Liability Companies provide a combination of the advantages of both sole proprietorships and corporations.

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Selina Corwin

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2y ago

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