{"id":36379,"date":"2022-04-13T10:04:18","date_gmt":"2022-04-13T04:34:18","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=36379"},"modified":"2024-06-01T15:17:13","modified_gmt":"2024-06-01T09:47:13","slug":"different-types-of-business-entities","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/different-types-of-business-entities\/","title":{"rendered":"Different Types of Business Entities that you should know about"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-36382 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Different-Types-of-Business-Entities-that-you-should-know-about.png\" alt=\"Different Types of Business Entities\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Different-Types-of-Business-Entities-that-you-should-know-about.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Different-Types-of-Business-Entities-that-you-should-know-about-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Different-Types-of-Business-Entities-that-you-should-know-about-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Different-Types-of-Business-Entities-that-you-should-know-about-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Different-Types-of-Business-Entities-that-you-should-know-about-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/04\/Different-Types-of-Business-Entities-that-you-should-know-about-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Business usually is an occupation or trade where one buys or sells products or services for profit. The term business usually refers to an organization that conducts commercial, industrial or professional activities. \u00a0However, a business organization can be created for a purpose other than generating profits. In such a case, no part of the organization\u2019s profit is distributed to the members, directors or officers. Such a business entity is known as a non-profit. In this article, we&#8217;ll discuss the Types of Business Entity in brief.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Content<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Business\"><span style=\"font-weight: 400;\">Business Entity<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Importance\"><span style=\"font-weight: 400;\">Importance of business<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Types\"><span style=\"font-weight: 400;\">Types of Business Entities<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Sole\"><span style=\"font-weight: 400;\">Sole Proprietorship<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#General\"><span style=\"font-weight: 400;\">General Partnership<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Limited\"><span style=\"font-weight: 400;\">Limited Liability Partnership (LLP)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Liability\"><span style=\"font-weight: 400;\">Limited Liability Company (LLC)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Corporation\"><span style=\"font-weight: 400;\">Corporation (C Corporation)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Small\"><span style=\"font-weight: 400;\">Small Business Corporation (S Corporation)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Public\"><span style=\"font-weight: 400;\">Public Limited Company<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Private\"><span style=\"font-weight: 400;\">Private Limited Company<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Joint\"><span style=\"font-weight: 400;\">Joint-Venture Company<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#One\"><span style=\"font-weight: 400;\">One Person Company<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Non\"><span style=\"font-weight: 400;\">Non-Government Organization (NGO)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Business\" style=\"text-align: justify;\"><b>Business Entity<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A business entity is an organization that is created by an individual or a group with the purpose of conducting business, engaging in trade, or such similar activities. It has a legal existence that is separate from its founders and owners. Which means, it has a clear identity of its own. Further, the organization is taxed separately as it\u2019s considered a separate legal existence. There are many different types of business entities.\u00a0Further, the <\/span><span style=\"font-weight: 400;\">Companies Act, 2013<\/span><span style=\"font-weight: 400;\"> governs the types of companies (Business Entity) that can be registered under it.<\/span><\/p>\n<h2 id=\"Importance\" style=\"text-align: justify;\"><b>Importance of Business<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Business is a major part of our daily lives. We spend most of the time in our lives conducting our businesses. They also help create innovations and advance technology. Business, in general, has largely shaped our society into what it is. In today&#8217;s world, the economy of each and every country is interconnected. It&#8217;s offering employment opportunities and generating wealth to improve the quality of life of everyone. It provides high-quality goods and services, to satisfy the people&#8217;s needs. Further, the <\/span><span style=\"font-weight: 400;\">Consumer Protection Act, 2019<\/span><span style=\"font-weight: 400;\"> looks to it that the businesses aren&#8217;t taking advantage of the people.<\/span><\/p>\n<h2 id=\"Types\" style=\"text-align: justify;\"><b>Types of Business Entity<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Depending upon the type of entity that you choose for your business, the structure and the taxation for your organization will vary. The types of business entities are,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sole Proprietorship<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">General Partnership<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited Liability Partnerships (LLP)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited Liability Company (LLC)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Corporation (C Corporation)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Small Business Corporation (S Corporation)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Public Limited Company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Private Limited Company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Joint-Venture Company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">One Person Company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Non-Government Organization (NGO)<\/span><\/li>\n<\/ul>\n<h2 id=\"Sole\" style=\"text-align: justify;\"><b>Sole Proprietorship<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">This is the simplest form of a business entity, with only one person as the sole owner and operator of the business with the objective of making profits. A <a href=\"https:\/\/www.cagmc.com\/sole-proprietorship-registration\/\">sole proprietorship<\/a> doesn\u2019t have an existence apart from the owner. Hence, the business liabilities and the owner&#8217;s personal liabilities are intertwined. The business entity ceases to exist upon the death of the owner. The owner doesn\u2019t need to register with the state to run a sole proprietorship. Some common examples of a sole proprietorship are freelancing, consultancy, retail store, etc.<\/span><\/p>\n<h2 id=\"General\" style=\"text-align: justify;\"><b>General Partnership<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A general partnership is similar to sole-proprietorship, with the key difference being that there is more than one owner of the business. Similar to a sole proprietorship there is no need to register the company with the government.<\/span><\/p>\n<h2 id=\"Limited\" style=\"text-align: justify;\"><b>Limited Liability Partnership (LLP)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A LLP is a registered business. If you want to start a <a href=\"https:\/\/www.cagmc.com\/llp-registration\/\">Limited Liability Partnership<\/a>, you have to file paperwork with the state. In an LLP we can find two types of partners, General Partners, and Limited Partners. Further, the general partners are the ones who own and operate the business. So, they are the ones who are responsible for the liabilities. The limited partners are just investors, also known as \u201cSilent Partners\u201d. They don\u2019t have any control over the business and have far fewer liabilities.<\/span><\/p>\n<h2 id=\"Liability\" style=\"text-align: justify;\"><b>Limited Liability Company (LLC)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">LLCs are more like partnerships and sole proprietorships. Therefore, we could call it a hybrid between the two. Further, in an LLC you have a choice of the tax structure of your business. You&#8217;ll have to do lesser paperwork than the other forms of corporations. Further, the members of an owner have the flexibility to its operations and income benefits.<\/span><\/p>\n<h2 id=\"Corporation\" style=\"text-align: justify;\"><b>Corporation (C Corporation)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A corporation has a separate legal entity. Further, it operates under state law. You must file an article of en-corporation with the state to establish a corporation. Also, the shareholders (owners), a board of directors, and officers have control over the corporation. However, only one person can fulfill all those roles. Therefore, only one person can create and operate a corporation.<\/span><\/p>\n<h2 id=\"Small\" style=\"text-align: justify;\"><b>Small Business Corporation (S Corporation)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Like C Corporation, an S Corporation is also a separate legal entity. However, it has special tax benefits. The corporate taxes of an S Corporation are dismissed if certain requirements are met. This means the taxes will be incorporated into the owner&#8217;s personal income tax.<\/span><\/p>\n<h2 id=\"Public\" style=\"text-align: justify;\"><b>Public Limited Company<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In India, a <a href=\"https:\/\/www.cagmc.com\/public-company\/\">Public Limited Company<\/a> in India has a minimum of three directors and a minimum of seven shareholders. However, the number of shareholders can be unlimited. Further, you may or may not list it on the stock exchange. It also has a separate legal existence.<\/span><\/p>\n<h2 id=\"Private\" style=\"text-align: justify;\"><b>Private Limited Company<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In India, a <a href=\"https:\/\/www.cagmc.com\/private-limited-company\/\">Private Limited Company<\/a> can have only one single shareholder and a maximum of fifty shareholders. Further, they need to have at least two boards of directors and up to a maximum of fifteen. However, unlike Public Limited Companies they can\u2019t publicly trade their shares.<\/span><\/p>\n<h2 id=\"Joint\" style=\"text-align: justify;\"><b>Joint-Venture Company<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A <a href=\"https:\/\/en.wikipedia.org\/wiki\/Joint_venture\" target=\"_blank\" rel=\"noopener\">Joint Venture<\/a> is a partnership between foreign and Indian investors. It offers the investors an opportunity to jointly manage the risks involved in the business. Further, the foreign investor also brings with them an established contact network, distribution, and marketing channels.<\/span><\/p>\n<h2 id=\"One\" style=\"text-align: justify;\"><b>One Person Company<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.cagmc.com\/one-person-company\/\">One Person Company<\/a> has been introduced to India in 2013. Further, you can only start it if you are an Indian citizen. Further, you will be the sole owner of the business. This encourages entrepreneurs to start their own companies. Like other private companies, this also has a separate legal entity<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">.<\/span><b>Non-Government Organization (NGO)<\/b><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It is a non-profit organization that operates separately from the government. Further, it is a citizen-based association. Usually, <a href=\"https:\/\/www.cagmc.com\/ngo-registration\/\">NGOs<\/a> serve some social cause.<\/span><\/p>\n<h2 id=\"Conclusion\" style=\"text-align: justify;\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The different types of businesses serve different purposes. \u00a0Each has its own advantages and disadvantages. When you\u2019re trying to start your own business you must be careful about which type of business it is that you\u2019re registering. That would change the tax structure and the way you have to operate your business. In conclusion, the type of business that we register makes a lot of difference.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business usually is an occupation or trade where one buys or sells products or services for profit. The term business [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":36382,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[73],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Different Types of Business Entities that you should know about - CAGMC<\/title>\n<meta name=\"description\" content=\"Latest Guide on Different Types of Business Entities that you should know about. 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