Corporate Characteristics Essay

754 words - 4 pages

Sole Proprietorship - This is considered to be the simplest of businesses. A sole proprietorship is considered its own entity and its owner has complete management control. This means that the individual that carries ownership is fully liable for every obligation that pertains to this business. Along with being fully responsible he/she also gains all profits of said company. This type of company is considered to be a single entity for tax and liability purposes and is registered as that for liability purposes. The owner pays income tax on the business in conjunction with his/her taxes; therefore they are fully responsible for any business debts.Partnership - A partnership is a contract ...view middle of the document...

Limited Liability partnership - This type of partnership is very closely related a partnership and a corporation but hold it own bounders to protect the investor. This type of partnership is recognized in a majority of states and it is established to protect a partner from liability. As mentioned earlier this type of partnership although recognized by many states it is restricted to certain professionals like, lawyers, accountants, architects and healthcare professionals. (www.nolo.com) This type of partnership also shields the investors from any type of neglect committed on the part of the partners. They are not responsible for loss or taxes these things are passed directly to the owners.Basic characteristics of a Corporation fall under the categories of entity status, limited liability, free transferability, centralized management and control, taxation benefits, etc. A corporation is made up of a centralized management with an appointed board of directors and takes on a separate entity status from its owners. This entity does have the right to acquire property in its own name. Because it is considered a separate legal entity...

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