Best 30 Business Law Attorneys in Richmond, VA with Reviews -
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In terms of simplicity, a sole proprietorship is the best - and most common - type of entity, in that it allows all debts, profits and decision making to fall under the responsibility of one person. According to the Small Business Association, 70 percent of all U.S. companies are classified as sole proprietorships. Corporations, on average, are generally the most profitable business structures.
The legal definition of a corporation is a business with a distinctly different existence from its owners, who are shareholders. In function, this often means a large and diversified firm, while for classification purposes, it entails the ability for shareholders to buy, sell, or enter into a new contract. Managers and officers within a corporation have obligations only to the law and the shareholders possessing ownership.
An LLP, or limited liability partnership, operates similarly to an LLC in terms of tax status and liability, but with multiple proprietors. The primary distinction lies is that  in the event of misconduct or negligence on the part of one partner, the other partner or partners are not liable for those actions.
The most common types of business entities, or business structures, included the following:
  • Sole proprietorships
  • Limited liability companies (LLCs)
  • Limited liability partnerships (LLPs)
  • Cooperatives
  • Corporations
  • Partnerships
  • S Corporations
Corporate attorneys are technically business lawyers, but not all business lawyers are corporate attorneys. Corporate lawyers are categorized as such by being full-time salaried employees of a given corporation, retained to exclusively represent that company’s rights and available for litigation at all times. Many larger corporations will retain a team of corporate attorneys with varied specializations or areas of expertise.

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