Back to Areas of Law Matters relating to the formation and financing of business enterprises. The sole proprietorship is the simplest and most common form of business entity.
Sole proprietors can conduct business under their own name by simply doing business.
Joint Ventures A general partnership is a business enterprise entered into by two or more persons who do not form a corporation or any other type of business entity to operate the business. If two or more individuals start a business together with the understanding that each will share in the profits of the enterprise, they are considered a general partnership even if they didn t specifically intend to start a general partnership. Usually, the formation and operation of limited partnerships are regulated under state statutes, defining the obligations and duties of these classes of partners and imposing other obligations. For example, limited partnership statutes usually require that a certificate of limited partnership containing specified information be filed in designated government offices and be kept current. Limited Liability Partnerships Limited liability partnerships are partnerships in which the liability of all the partners is limited.