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Chris Bell

The 4 main Types of Business



There are basically 4 main ways that one can set up a business. Namely, these are sole proprietorship partnership, corporation and limited liability company (LLC). It is in these 4 types that most of the world-class businesses fall under. The best online gambling sites too, fall under one of these classes. As an individual who is about to start on a business venture, you need to decide on what it is that you want to do among the 4 mentioned types. To help you with your choice, we look at all these types in brief. That way we are sure that you have a starting point at least.

Types of Business

Sole Proprietorship

When it comes to business, this is one of the simplest that there is. As one can already tell by the name, the owner is just one person. The owner of the business will in most cases choose to use their name. The requirements to start this may differ from nation to nation, generally, all they need are just the necessary permits and licenses. And from there, you are good to go.

Partnership

If you feel like alone you just can’t do it alone, then you can go for the second option. This is the partnership. In this case, one or 2individuals come up with a written agreement to work together. Partnerships can also be formed between already existing business parties as well.

Corporation

A corporation is much greater than a partnership and a sole proprietorship. In this case, the company will have to go through a process called incorporation. This generally sets up the most flexible type of company. Corporations are state-chartered and have a number of legal rights. This means that should anything go wrong, the owners, from personal legal. Popular online casinos such as Bet365 fall under this type.

Limited Liability Company LLC

Like the corporations, the LLC’s have the same advantages and disadvantages. with is coupled with their limited liability. They can, as a result, be owned by a number of entities. They can include individuals, trusts, other LLC’s and even corporations.