MANAGEMENT

Detailed explanation-1: -Corporations are a separate legal entity created by shareholders. Incorporating a business protects owners from being personally liable for the company’s debts or legal disputes. A corporation is more complicated to create, as compared to the other three types of businesses.

Detailed explanation-2: -A limited liability company (LLC) is a corporate structure that protects its investors from personal responsibility for its debts or liabilities. A limited partnership is when two or more partners go into business together, with the limited partners only liable up to the amount of their investment.

Detailed explanation-3: -Partnerships–General and Limited A general partnership is an agreement, expressed or implied, between two or more persons who join together to carry on a business venture for profit.

Detailed explanation-4: -A corporation is a legal entity that’s separate from the parties who own it, the shareholders who invest by buying shares of stock. Corporations are governed by a Board of Directors, elected by the shareholders. Advantages include: limited liability, easier access to financing, and unlimited life for the corporation.