The main type of business available in the market is the corporation type of business. There are many kinds of business in the world that can be classified as a corporation business. According to law a corporate business is a legal entity that is created under the laws of a state designed to establish the entity as a separate legal entity having their own privileges and liabilities that are distinct from its owners. The corporation has four different and distinct core characteristics.
They are the legal personality, limited liability, transferable shares and the centralized management under a broad structure. One of the significant characters of modern corporations is the limited liability enjoyed by its owners, shareholders and the employees. A significant characteristic of modern corporations is the limited liability enjoyed by its owners, shareholders, and employees.
If the company should fail, either through a lack of small business consultant or another reason, they are not directly liable for the losses or debts the corporation incurs: investors only stand to lose their investment while employees will lose their jobs, the debt will not be carried over. The other set of company is the limited liability company. This type of company is the latest addition to the type of business entities covered by a business plan.