Partnership, Advantages and disadvantagesPartnership, Advantages and disadvantages in the United States

Partnership: Advantages and disadvantages

A partnership is a legal form of business in the United States with two or more persons as owners. The Uniform Partnership Act of the United States defines this form of business as an association of two or more individuals to act as co-owners of a business. Similar to sole proprietorship, the law does not […]

Limited liability company, Advantages and disadvantages

Limited liability company: Advantages and disadvantages

A limited liability company or LLC is a legal form of a private limited company in the United States. It is a hybrid business entity having some characteristics of both a corporation and a partnership or a sole proprietorship. To be specific, the business structure of an LLC combines the pass-through taxation of a partnership […]

Legal rights and duties in a limited liability partnership

Legal rights and duties in a limited liability partnership

A limited liability partnership or LLP is a legal type of business organisation and a form of partnership in the United States composed of general partners and limited partners. LLP allows limited partners to enjoy limited personal liability while general partners retain unlimited personal liability. General partners in a limited liability partnership have full managerial […]

Legal rights and duties in a general partnership

Legal rights and duties in a general partnership

A general partnership is a legal form of business with two or more owners called as “general partners” who equally share the right to manage the business. These general partners also have equal levels of legal rights and duties in their general partnership. Legal rights of partners in a general partnership 1. Rights in partnership […]

Sole proprietorship, Advantages and disadvantages

Sole proprietorship: Advantages and disadvantages

A sole proprietorship is a legal form of business in the United States solely owned by an individual or a so-called self-employed person. As an unincorporated business, the owner pays personal income tax on profits. This is the simplest business form to set up because of limited government regulations, making it popular among individual contractors […]