types of business structures
One of the decisions that a business owner has to make is what type of organizational structure their business is going to use. There are four main types of business structures in the U.S: sole proprietorship, partnership, limited liability and corporation. Each structure has different tax, income and liability implications for businesses owners and their companies.
The four main business structures commonly used by small businesses in Australia are: 1  Sole trader: an individual operating as the sole person legally responsible for all aspects of the business. 2  Company: a legal entity separate from its shareholders.