Company Ownership Business Plan

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For a general partnership, there is no filing to create a separate company and the same legal liabilities faced in a sole proprietorship are also faced in a partnership.

Limited partnerships are similar to limited liability companies, protecting the partners from some liability for debt and legal action.

They are much more complex to create, however, and don't work well in all fields.

Certain business types may open you up to legal and financial liabilities, though they also give you more control over the company as a whole.

Others may reduce this liability but have up-front creation costs and more oversight at the state or federal level.

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