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The World of Business. By April Anderson. Types of Businesses. Sole Proprietorship General Partnership Limited Partnership Limited Liability Partnership Corporation Nonprofit Corporation Limited Liability Company. Sole Proprietorship. Individual or married c ouple ownership

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the world of business

The World of Business

By April Anderson

types of businesses
Types of Businesses
  • Sole Proprietorship
  • General Partnership
  • Limited Partnership
  • Limited Liability Partnership
  • Corporation
  • Nonprofit Corporation
  • Limited Liability Company
sole proprietorship
Sole Proprietorship
  • Individual or married couple ownership
  • Low formation difficulty
  • Sole proprietor has unlimited liability
  • Relatively few legal requirements
  • Sole proprietor has full control of management
  • Not a taxable entity
  • Sole proprietor pays all federal taxes
  • Not required to register with the Washington Secretary of State
general partnership
General Partnership
  • Owned by two or more people
  • Partners have unlimited liability
  • Each partner has equal voice unless otherwise arranged
  • Low formation difficulty
  • Relatively few legal requirements
  • Not a taxable entity
  • Taxes based on business entity income
  • Not required to register with the Washington Secretary of State
limited partnership
Limited Partnership
  • Low formation difficulty
  • At least one general partner has unlimited liability
  • Some formal legal requirements
  • Limited partners excluded from management
  • Files federal taxes as a separate entity
  • State taxes based on business entity income
  • Required to register with the Washington Secretary of State
limited liability partnership
Limited Liability Partnership
  • Similar to a General Partnership
  • Medium formation difficulty
  • Partners aren’t typically liable for the debt of the LLP
  • Some formal legal requirements
  • All partners have the right to management
  • Files federal taxes as a separate entity
  • State taxes based on business entity income
    • Limited partners have liability up to their investment amount
  • Required to register with the Washington Secretary of State
corporation
Corporation
  • Medium to high formation difficulty
  • Shareholders aren’t typically responsible for the debts of the corporation
  • Board of directors, annual meetings and annual reporting required
  • Managed by the directors
  • Federal taxes are taxed at the entity level.
    • Dividends are also taxed individually
  • State taxes based on business entity income
  • Required to register with the Washington Secretary of State
nonprofit corporation
Nonprofit Corporation
  • Legal entity used to further an ideal or goal
  • Not used as a means of profit
  • Serves the public interest
  • Exempt from many taxes
  • May also be required to register with the Charities Program of the Washington Secretary of State
  • Also may require more additional registration
limited liability company
Limited Liability Company
  • Medium formation difficulty
  • Members aren’t typically liable for the debts of the LLC
  • Some formal requirements
  • Members have an operating agreement to outline management
  • No federal taxes at the entity level depending on the structure
  • State taxes based on business entity income
    • Responsible parties may have liability for trust fund taxes
  • Required to register with the Washington Secretary of State
planning your business questions to ask yourself
Planning Your BusinessQuestions to ask yourself:
  • What type of business would you like to open?
  • What types of activities will you be performing?
  • Where do you plan to start your business?
  • Where will your business be located?
  • What business structure will you have?
  • What do you plan to call your business?
  • How will you finance your business?
  • What are your expected costs?
emerald city smoothie
Emerald City Smoothie

Created in 1996

First locations were in Washington

Serve healthy, great-tasting smoothies

Licensing rights were sold for about 26 locations

Purchased by investors in 2005

Converted into a franchise

Now 66 locations in the Western US and one in China

starting your own ecs
Starting Your Own ECS
  • Complete the application form
  • Franchise team will review your qualifications.
  • Interview with corporate team.
  • Contracts, payments, and franchising agreement
  • Training provided by corporate.
  • Start your building!
opening a store
Opening A Store
  • Find a location for lease
  • Letter of Intent to the owner
    • (general guidelines of the business)
  • Negotiation Contract
    • i.e. who’s responsible, maintenance, etc.
  • Build Out
    • T.I. – tenant improvements (check from owner)

The most difficult step is the build out

- getting it completed in time and within the budget

(John Madding)

sources
Sources:
  • www.emeraldcitysmoothie.com
  • www.dol.wa.gov/business
  • www.businessknowhow.com
  • John Madding, Owner, Emerald City Smoothie Kitsap