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A Corporation is a legal business entity that is separate and distinct from its owners. It is a more complex structure compared to other business forms like sole proprietorships and partnerships. Corporations provide significant advantages, such as limited liability for its shareholders, meaning their personal assets are protected from business debts and liabilities. Additionally, corporations can raise capital more easily through the sale of stock. However, they are subject to more regulations, formalities, and potential double taxation of income—once at the corporate level and again at the shareholder level when dividends are distributed.
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A Partnership is a business structure where two or more individuals share ownership and the responsibilities of running the business. Partnerships are relatively easy to establish and offer the benefit of pooling resources and expertise. In a general partnership, all partners share in the profits, losses, and liabilities of the business. In a limited partnership, there are both general partners (who manage the business and are personally liable for its debts) and limited partners (who contribute capital and share in the profits but do not participate in management and have limited liability). Partnerships can be flexible and allow for the distribution of income and responsibilities according to the partnership agreement, but they do not provide the same level of personal asset protection as corporations or LLCs.
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A Non-Profit Organization (NPO) is a type of entity that operates for a charitable, educational, scientific, religious, or other public or social benefit purpose. Unlike for-profit businesses, non-profits do not distribute profits to shareholders or owners. Instead, any surplus funds are reinvested into the organization to further its mission. Non-profits can apply for tax-exempt status, meaning they are exempt from federal income taxes on donations and other revenue. To maintain this status, non-profits must adhere to strict regulations and reporting requirements set by the IRS and state authorities. Non-profits are managed by a board of directors and rely on donations, grants, and fundraising efforts to support their activities.
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Doing Business As (DBA), also known as a trade name or fictitious name, is a name that a business operates under that is different from its legal, registered name. For instance, if John Smith owns a sole proprietorship called “Smith Landscaping,” he might file a DBA to operate under the name “Green Gardens.” DBAs are commonly used by sole proprietors, partnerships, and even corporations to create a more marketable or recognizable business name. Registering a DBA is usually a straightforward process that involves filing the appropriate forms with the state or local government. While a DBA allows a business to use a different name without forming a new legal entity, it does not provide any legal protections or benefits beyond those already associated with the business’s original legal structure.
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