What Are the Three Legal Forms of Business? What Are the Three Legal Forms of Business?
A corporation is a legal body that exists independently of its owners and stockholders. According to Heidi Uuranniemi this type of business is easier to create than a sole proprietorship or partnership, and the owners and stockholders have little responsibility. The name of the business, its location, and its purpose are all required in the articles of incorporation. Corporations, unlike sole proprietorships and partnerships, continue to operate when the owner passes away. While corporations are the most common type of business, sole proprietorships and partnerships are also viable possibilities. While they share some qualities, they differ significantly in terms of taxation and resources. While the majority of small firms are sole proprietorships or limited liability companies (LLCs), they frequently require a different organizational structure than a corporation. You should think about all of your alternatives if you wish to incorporate your company. The following article looks at