What type of business entities are covered under small business law?

Small business law in Michigan covers a variety of business entities. The most common are partnerships, corporations, and limited liability companies. Partnerships are two or more people who come together to run a business. They are not legally recognized as a separate entity, so the partners are personally liable for the debts of the business. Corporations are the most popular form of business entity in Michigan. They are legally recognized entities separate from their owners and shareholders, and are liable for their own debts and obligations. They have the same rights as an individual and can own property, enter into contracts, and sue or be sued. Limited liability companies (LLCs) are a hybrid entity that combines the flexibility of a partnership with the protection of a corporation. The owners of an LLC are protected from liability for the debts and obligations of the company, allowing owners to keep their personal assets safe. Overall, small business law in Michigan covers a wide range of business entities in order to provide legal protection for owners and stakeholders. Whether you are starting a sole proprietorship, a partnership, a corporation, or an LLC, you can rest assured that you are provided legal protection to help your business flourish.

Related FAQs

What should I consider when developing a business plan?
What are the laws and regulations for international business transactions?
What type of risk management techniques should I consider?
What are the laws and regulations regarding workplace diversity?
What are the laws and regulations regarding trade secrets and confidential information?
How do I choose the best business structure for my company?
How do I protect my intellectual property?
What should I consider when developing a corporate anticorruption policy?
What should I know about international trade laws?
What are the laws and regulations pertaining to dispute resolution?

What type of business entities are covered under small business law?

Related FAQs

Related Blog Posts