Assignment 2: Types of Legal OwnershipThere are four main types of legal ownership for businesses in


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Assignment 2: Types of Legal OwnershipThere are four main types of legal ownership for businesses in the United States. These are sole proprietorship, general partnership, limited liability company (LLC), and corporation. These differ from one another on a few major characteristics such as number of owners, operational requirements, and federal taxation.Using your textbook, the Argosy University online library resources, and the Internet, research these and other major characteristics of the four types of business ownership.Download and complete the following table on the types of business ownership structures: See the attach file on the bottom.Explain in detail the characteristics of the types of business ownership structures using real-world examples to illustrate. Be sure to provide at least one example for each type.Write a 1–2-page paper in Word format. Apply APA standards to citation of sources. Submit both your completed table and your paper for grading. You paper will be submitted through Turnitin.Assignment 2 Grading CriteriaMaximum PointsCompleted table in all respects demonstrating in-depth research on types of business ownership.40Explained in detail characteristics of types of business ownership structures giving at least one illustrative example for each.40Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation.20Total:100
Types of Legal Ownership
Ownership Structures Sole
Proprietor General Partnership Limited Liability Company (LLC) Corporation
Number of Owners One
or more Multiple
Formation Difficulty Low Medium
Liability Sole
proprietor has unlimited liability. Officers/shareholders
are not typically responsible for the debts of the corporation.
Operational Requirements There
are relatively few legal requirements. Formal
board of directors, annual meetings, and annual reporting required.
Management Sole
proprietor has full control of management and operations. Members have an
operating agreement that outlines management.
Federal Taxation It
is not a taxable entity. Each partner pays tax on his/her share of income and
can deduct losses against other sources of income. It is taxed at the entity level. If dividends are
distributed to shareholders, they are also taxed at the individual level.