Types of Business Entities

Sole Proprietorships

also known as a sole tradership, individual entrepreneurship or proprietorship is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.

Partnerships

is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.

Corporations

A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes.

S-Corporations

are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

C-Corporations

is any corporation that is taxed separately from its owners. A C corporation is distinguished from an S corporation, which generally is not taxed

Limited Liability Company

is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

 

Common Business Documents

Articles of Organization

 are a document similar to the articles of incorporation, outlining the initial statements required to form a limited liability company in many U.S. states. Some states refer to articles of organization as a certificate of organization or a certificate of formation. 

Articles of Incorporation

also referred to as the certificate of incorporation or the corporate charter, are a document or charter that establishes the existence of a corporation in the United States and Canada.

Annual Meeting Minutes

An annual meeting is defined as a company gathering, which occurs at the end of each fiscal year.

Operating Agreement

A key document used by limited liability companies to outline the business' financial and functional decisions including rules, regulations and provisions.

Employer Identification Number (EIN)

also known as the Federal Employer Identification Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service to business entities operating in the United States for the purposes of identification.

Member Certificate

Certificates issued by the Company to its Members from time to time evidencing such Members' Membership Interests.