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8840 SW Holly Lane, Suite 104 Wilsonville, Oregon 97070
Law Firm of
Gabriel W. Taylor
Business Formation
Four Basic Business Structures
Sole Proprietorship
A sole proprietorship is the simplest and most common form of business structure. It is an unincorporated business owned and operated by a single individual. The owner has complete control over the business and retains all profits but is personally responsible for all liabilities and debts.
Limited Liability Company
An LLC is a hybrid business structure that combines features of a corporation and a partnership. It offers limited liability protection to its owners (referred to as members) while providing flexibility in management and taxation. LLCs can have a single member (referred to as a single-member LLC) or multiple members.
Partnership
A partnership is a business structure owned and operated by two or more individuals. Partners contribute capital, share profits, and jointly manage the business.
Corporation
A corporation is a legal entity separate from its owners. It is owned by shareholders who elect a board of directors to oversee the major decisions. Corporations provide limited liability protection to shareholders, meaning their personal assets are generally not at risk for the corporation's debts and liabilities. Corporations are subject to more extensive legal and regulatory requirements and are taxed separately from their owners.
The Law Firm of Gabriel W. Taylor can assist you in selecting the business structure that best fits your needs. Request a consultation to find out which business structure is right for you.
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