By Albert Soliz

Limited Liability Partnership and Company A limited liability company combines traditional corporate and partnership characteristics. Members of a limited liability company are given the same advantage of limited liability as shareholders of a corporation, while generally being taxable at the member level, like a partner in a partnership.

Sole Proprietorship A business is owned by one person, there is little government regulation, but the risk are really high due to the chance of failure. All profits go to this one person.

Partnership Two people control the business, they share ideas for business, share the profits, rewards and risks.

Corporation A corporation for example like Wal-Mart is owned by stock holders. Corporations are very hard to form, there are many regulations and rules they must fallow, but there is a low liability when it comes to corporations.

Joint Venture In general, a joint venture is an association of two or more entities. Whether corporate, government, individual or otherwise combining property and expertise to carry out a single business enterprise and having a joint proprietary interest, a joint right to control and a sharing of profits and losses.

Franchise When one or more people purchase or lease the rights to sell or serve goods, pretty much any fast food chain.

S-Corporation An S-Corporation is a regular corporation that has between 1 and 100 shareholders and that passes through net income or losses to shareholders under in accordance with Internal Revenue Code, Chapter 1, Subchapter S. Corporations must meet specific eligibility criteria, and they must notify the IRS of their choice to be taxed as an S-Corporation within a certain period of time.

Non-Profit Corporation An incorporated organizations which exists for educational or charitable reasons, and from which its shareholders or trustees do not benefit financially. Any money earned must be retained by the organization, and used for its own expenses, operations, and programs. Many non-profit organizations also seek tax exempt statues, and may also be exempt from local taxes including sales taxes or property taxes.

Cooperative Form of business were two or more people or firms come together to share resources, ideas and such, sort of like a partnership but doesn’t last as long. This could only be used for like projects.