Business Entities

Owned and run by one person; no legal distinction between owner and entity

 A business or firm owned and run by two or more partners; each partner liable for actions of other partners

Can be taxed as a partnership or sole proprietor; owners not personally liable for company's debt or liabilities

Group of people (company) authorized to act as a single entity; owned by shareholders; elect board of directors to oversee the organization's activities

Not maintained for the purpose of making a profit; generally qualify for special tax status under section 501 (c) (3) of the U.S. tax code

  Some or all partners have limited liabilities; each partner NOT responsible for another’s misconduct or negligence

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