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MGMT 3850/4100: Entrepreneurship & Business Planning for Entrepreneurs

This guide covers resources to help students complete their assignments and projects for MGMT 3850/4100.

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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