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Business

This guide will help students and faculty stay current on new developments and research topics related to Business.

Background Information

What is business? The American Heritage(R) Dictionary of the English Language defines it as, "the activity of buying and selling commodities, products, or services: new systems now being used in business." (Source: Credo) 

What are the different business structures? The table below is from the U.S. Small Business Administration. 

Business structure Ownership Liability Taxes

Sole proprietorship

One person

Unlimited personal liability

Personal tax only

Partnerships

Two or more people

Unlimited personal liability unless structured as a limited partnership

Self-employment tax (except for limited partners)

Personal tax

Limited liability company (LLC)

One or more people

Owners are not personally liable

Self-employment tax

Personal tax or corporate tax

Corporation - C corp

One or more people

Owners are not personally liable

Corporate tax

Corporation - S corp

One or more people, but no more than 100, and all must be U.S. citizens

Owners are not personally liable

Personal tax

Corporation - B corp

One or more people

Owners are not personally liable

Corporate tax

Corporation - Nonprofit

One or more people

Owners are not personally liable

Tax-exempt, but corporate profits can't be distributed

 

 

 

 

Business Quotes