POB sole proprietorship/partnership/corporation

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managed by a board of directors

corporation

usually must be dissolved if an owner leaves

partnership

a written agreement defines ownership

partnership and corporation

must register the business name and the names of all owners

partnership and corporation

owned and controlled by 2 or more people

partnership and corporation

two or more people can invest in the business

partnership and corporation

does not even require a business name

sole proprietorship

owned and run by one person

sole proprietorship

the easiest form of business to start and run

sole proprietorship

the majority of US business

sole proprietorship

business income is taxed as personal income

sole proprietorship and partnership

no protection for personal assets

sole proprietorship and partnership

must create bylaws or operating procedures

corporation

protects the liability of owners

corporation

shareholders have a voice in business decisions

corporation


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