Types of Company Structures
Companies allow individuals the benefit of shared responsibilities and rewards. That’s why people in the business of every kind group together into companies for that same reason. However, the degree of responsibilities that these group of businessmen shares varies according to the type of company structure that they choose. Listed below are the types of company structures in existence.
Partnerships: A company is essentially a partnership between several businessmen. Partnerships are the most basic company structure, and most businessmen start this way. In this structure, profits are shared equally and responsibilities such as debts directly incurred by business partners themselves.
Corporations: Another company structure that business people build are corporations. This company structure is the most preferred by people in the business. Corporations offer people in business the same benefit of sharing profits among themselves without shouldering the same responsibilities that partnerships have.
Limited Liability Companies: People love a win-win solution, and these are the exact words to describe what LLC or Limited Liability Companies are. Limited Liability Companies are a cost-effective solution for those who are looking to form a company on a limited budget.
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