About This Chapter
Forms of Business Entities - Chapter Summary
This comprehensive overview makes it easy to understand various forms of business entities. Whether you want to know more about limited liability partnerships, corporations or sole proprietorships, the fun lessons in this chapter can help! Watch short videos developed by top instructors to boost your knowledge of these business entities, and take mini quizzes to assess your comprehension. If you have questions about topics covered in the lessons, be sure to submit them to our experts. Once you've completed this chapter, you will be ready to do the following:
- Share the advantages and disadvantages of sole proprietorship
- Give advantages and examples of general partnership
- Detail the process of creating a business partnership agreement
- Describe what occurs in the dissolution and termination of a partnership
- Provide details about the tax structure and liability of business partnerships
- Explain the advantages and disadvantages of limited partnership and limited liability partnership
- List types, advantages and disadvantages of corporations
- Discuss the process of creating a corporation
- Define and explain the benefits of a limited liability company
1. What Is Sole Proprietorship: Definition, Advantages & Disadvantages
Most businesses are sole proprietorships. This is the easiest and most straightforward type of business to form. Sole proprietorships are owned and run by only one person. This lesson explains sole proprietorships.
2. General Partnership: Definition, Advantages & Examples
Many businesses are structured as general partnerships. General partners share both the benefits and obligations of the business. This lesson explains general partnerships, including the advantages and the liabilities.
3. Creating a Business Partnership Agreement
Many businesses are partnerships. These are businesses owned by two or more people. This lesson explains how partnerships are created and the use of partnership agreements.
4. Dissolution and Termination of a Partnership
A partnership is an unincorporated business owned by two or more people. When the partners decide to no longer do business together, they must dissolve, wind up and terminate the partnership. This lesson explains dissolution and winding up.
5. Tax Structure and Liability of Business Partnerships
Many businesses are partnerships. These are unincorporated businesses owned by two or more people. This lesson explains the tax structure of partnerships and the liability of general partners.
6. What Is a Limited Partnership? - Definition, Advantages & Disadvantages
Many businesses are formed as partnerships. There are several different types of partnerships. This lesson explains the advantages and disadvantages of limited partnerships.
7. What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages
Many businesses are formed as partnerships. There are actually several different types of partnerships, including limited liability partnerships. This lesson explains the advantages and disadvantages of limited liability partnerships.
8. Corporations: Types, Advantages, Disadvantages & Examples
Corporations are a popular form of business organization for large and small businesses. In this lesson, you'll learn about the advantages and disadvantages of a corporation. You'll also learn about S-corporations and C-corporations.
9. How to Create a Corporation
A corporation is a complex business structure that allows for the separate existence of the business from the individuals that run the business. This lesson explains corporations and how to create a corporation.
10. What Is a Limited Liability Company? - Definition, Benefits & Examples
A limited liability company is a popular business structure that provides the benefits of both a partnership and a corporation. This lesson explains the benefits of limited liability companies.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the UExcel Business Law: Study Guide & Test Prep course
- Fundamentals of Business Law
- Legal Classifications & Principles
- Structure of the American Court System
- U.S. Constitutional Principles & Law
- Administrative Law
- Ethical & Legal Decision Making in Business
- Intentional Tort Law
- Negligent Tort Law
- Product Liability and Consumer Protection
- Contract Law Terms
- Principles of Contract Law
- Contracts: Scopes and Meanings
- Capacity in Contract Law
- Contract Law and Third Party Beneficiaries
- Contracts: Assignment and Delegation
- Contract Enforcement
- Contracts: Statute of Frauds
- Contracts: Discharge of Contracts
- Breach of Contract Issues
- Securities and Antitrust Law
- Creditors' Rights
- Sales & the Law
- The Role of Agency in Business Law
- Property Law
- UExcel Business Law Flashcards
- Legal Process & Procedures for Business