Types of Businesses

The legal structure of a business can come in many different forms. We've all heard of a sole proprietorship (or single owner), a partnership, and a corporation. But there are also other types of business structures that accomplish different purposes, primarily with respect to the personal liability or financial risk to the owners and how the entity is managed. These other types of business structures include:

• Limited Partnership
• Limited Liability Partnership (LLP)
• Limited Liability Company (LLC)

The Washington State Department of Licensing has a helpful website with brief definitions of each of these types of businesses.