Business Legal Structure
Once you gain a sense of the larger economy in which businesses operate and have a clear understanding of where your industry sits on the competitiveness continuum, it is time to decide how to set up your business. This is a legal matter that hinges upon the laws in whatever nation and state you want to conduct business.
Structure is captured in the first part of our answers to the question, “What is a business?” Specifically, business begins with the establishment of a particular organizational type or legal structure. To help you consider which business structure might best suit your needs, this chapter presents the major business types in the United States: sole proprietorships, partnerships, and corporations. ...
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