Long description
The characteristics are as follows:
| Business Form | Number of Owners | Are Owners Liable for the Firm's Debts? | Do Owners Manage the Firm? | Does an Ownership Change Dissolve the Firm? | Access to Capital | Taxation |
|---|---|---|---|---|---|---|
| Sole Proprietorship | One | Yes | Yes | Yes | Very limited | Personal Taxes |
| Partnership | Unlimited | Yes; each partner has unlimited liability | Yes | Yes | Very limited | Personal Taxes |
| Limited Partnership (with General Partners [GPs] and Limited Partners [LPs]) | At least one GP, but no limit on LPs | GPs—unlimited liability LPs—limited liability | GPs—manage the firm LPs—no role in management | GPs—yes LPs—no, can change | limited | Personal Taxes |
| Limited Liability Company (LLC) | Unlimited | No | Yes | No | Dependent on size | Personal Taxes |
| Corporation ... |
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