Question

what are the various forms of business? explain

Answer 1

Sole proprietorship
Partnership
Joint hindu family
Corporation
Joint stock company
Etc
....

Answer 2

There are many forms of business such as sole proprietorship, partnership, corporation, S corporation, and Limited Liability Company (LLC) form.

• A sole proprietorship means a business owned by a single entity that is unincorporated. A sole proprietor usually is covered under the self-employed tax regime but can vary if he owns a domestic LLC that is treated like a corporation.
• A partnership is a business run in unison by two or more people who may or may not be actively engaged in the business. The contributions, investments, roles and divisions in profits might differ (except in a cooperative that has defined structure and rights)
• A corporation has many stockholders that can participate in the business by exchanging capital and resources with the stock of the corporation. The profits of such corporations are given via the corp to the shareholders as dividends, in proportion to their stockholding.
• An S corp is mostly a domestic entity with less than 100 shareholders that should be allowable. They mutually share a single class of stock with certain fixed individuals and trusts.

Read on about the commencement requirements for a business in unison with structures-

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