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MGMT 4100: Business Planning for Entrepreneurs

This guide covers resources to help students complete their assignments and projects for MGMT 4100.

Business Structures

The business structure chosen can have legal and tax implications. Below are the basic business structures with definitions provided by the SBA

  • Sole Proprietorship - The most basic of business structures. You alone own the company and are responsible for its assets and liabilities.
  • Limited Liability Corporation (LLC) - An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.
  • Cooperative - People form cooperatives to meet a collective need or to provide a service that benefits all member-owners. 
  • Corporation - A corporation is more complex and generally suggested for larger, established companies with multiple employees.
  • Partnership - There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business.
  • S Corporation - An S corporation is similar to a C corporation but you are taxed only on the personal level.

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