Small Business Encyclopedia
Category: Business-structureCorporation
A form of business operation that declares the business as a separate, legal entity guided by a group of officers known as the board of directors
Incorporation
To legally form a corporation
Partnership
A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships. The two most common are general and limited partnerships.
Limited Liability Company
A form of business organization with the liability-shield advantages of a corporation and the flexibility and tax pass-through advantages of a partnership
Limited Liability Partnership
A business organization that allows limited partners to enjoy limited personal liability while general partners have unlimited personal liability
Nonprofit Corporation
A business organization that serves some public purpose and therefore enjoys special treatment under the law. Nonprofit corporations, contrary to their name, can make a profit but can't be designed primarily for profit-making.
Sole Proprietorship
A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return.
Subchapter S Corporation
A special form of corporation that allows the protection of limited liability but direct flow-through of profits and losses
Popular Articles
The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year
Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.
How Visionary Leaders Transform Curiosity Into Groundbreaking Ideas
Lee Brian Schrager, founder of the South Beach Wine & Food Festival, discusses the spark that launched FoodieCon, his best practices for running popular food events, and why all business owners need to adapt to social media trends.
Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs
Hidden home costs pile on top of mortgage payments.
Get $60 off This Portable VPN Travel Router
Why keep paying for a VPN service when you can have a tiny, lightweight piece of hardware that can provide you with a lifetime of maximum VPN protection?
Avoid These 10 Mistakes Entrepreneurs Make with Money
Despite the challenging statistic that only 5% of startups survive beyond five years, common financial pitfalls often contribute to their failure. Through personal observation, I've identified the prevalent financial mistakes made by entrepreneurs.
5 Books to Help You Motivate, Unify and Build Perspective
In a post-Covid world, check out these must-read books to help build a more resilient organization, create a modern work culture and maintain a powerful growth mindset.