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Glossary: Sole Proprietor

December 15, 2014

A company type that has a single owner and is not a corporation or an LLC. A sole proprietor can be a self-employed individual or an independent contractor.

Glossary: Limited Liability Corporation (LLC)

December 10, 2014

A company type that is a structure allowed by state statute and is formed by filing articles of organization with the state. It can have one member (single-member) or more (multi-member). LLC members can have individuals, corporations other LLCs, or foreign entities.

Glossary: Corporation

December 8, 2014

A company type that represents a person or group of people who establish a legal entity by filing¬†articles of incorporation with the state’s secretary of state.

Glossary: Limited Liability Partnership (LLP)

December 3, 2014

A company type that is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. For this type of business entity, one partner is not responsible or liable for another partner’s misconduct or negligence.

Glossary: Partnership

December 1, 2014

A company type that represents the relationship between two or more persons/groups who, together, create a business.  Each partner contributes money, property, labor, or skill, and expects to share in the profits and losses of the business.