The Corporation

The term corporation comes from the Latin corpus, which means body. Historically, in England, the term corporation was also used for the local government body in charge of a borough. A corporation is a body–it is a legal… Read More

The Limited Liability Company (LLC)

The limited liability company (LLC) is America’s newest form of business organization. There is little historical precedent for LLCs. They are essentially creations of the state legislatures, although some commentators trace the origin of the LLC to a… Read More

The Partnership

A partnership is a business form created automatically when two or more persons engage in a business enterprise for profit. Consider the following language from the Uniform Partnership Act: “The association of two or more persons to carry… Read More

The Sole Proprietorship

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a natural person who owns the business and is personally responsible… Read More