The following are examine legal entity types:
1. Partnership:
The business is handle by two or more members through agreements and there are two main types of partnership explained below.
General Partnership
Limited Partnership
Partnership agreement between two or more people, equally shares their profit and liabilities.
In the limited partnership they have option towards the investment and liability on the partnership agreement of two or more.
The personal assets on each members is at risk on sharing the liabilities.
The personal asset of the members are not at risk.
2. Sole Proprietorship:
The business is owned by a single owner and it is said to be as Sole Proprietorship, as where the profit and loss is handle by a single person.
3. Corporations:
The corporation is a legal entity types, as where a legal person will run the business of the firms on through seperation from the owners and the legal person have full rights towards the business.
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