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What are the four primary business structures that determine ownership of a business account?



This question is part of Test Your Knowledge - Business Accounts
Asked by Lolson, Last updated: Apr 28, 2020

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2 Answers

h. George

Government employee and a part-time content writer.

H. George, Copywriter, MA in English, California

Answered Apr 18, 2018

The primary business structures that determines the ownership of a business are as follows;
• Sole Proprietorships: A sole proprietor is someone who owns an unincorporated business by himself or herself.
• Partnerships: A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
• Corporation: In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation's capital stock.
• Limited Liability Company (LLC): A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, and you should check with your state if you are interested in starting a Limited Liability Company.

 

lolson

Lolson

Answered Sep 05, 2017

Sole Proprietorship, Partnership, Limited Liability Corporation (LLC) and Corporation.
 

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