Assignment 2: Types of Legal Ownership

There 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:

• 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. Use the following file naming convention: LastnameFirstInitial_M2_A2.doc.

By the due date assigned, submit your table and supporting paper to the Submissions Area.