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

Small business law in Washington covers a variety of business entities. The most common type of business entity covered is a corporation. Corporations are legally recognized as separate entities from their owners, with the ability to sue and be sued, and pay taxes, as well as issue ownership shares. Limited liability companies (LLCs) are another commonly used business entity in Washington and provide limited liability to the owners in the event of litigation or debt. Sole proprietorships and partnerships are also covered under small business law in Washington. Sole proprietorships are businesses that are not separate from their owners, leaving the owners personally liable for any debts, obligations, or lawsuits the business might encounter. Partnerships are similar to sole proprietorships but involve two or more people sharing both the profits and liabilities of the business. In Washington, limited partnerships and limited liability partnerships are also covered by small business law. Limited partnerships involve one partner having limited liability and another partner having unlimited liability. Limited liability partnerships provide all partners with limited liability. Finally, professional corporations are business entities that are typically used by specialized professionals such as lawyers, doctors, and accountants. These entities are subject to their own sets of rules and regulations and are also covered by small business law in Washington.

Related FAQs

How do I apply for a Small Business Administration (SBA) loan?
What are the laws and regulations regarding product liability and warranties?
What are the laws and regulations regarding data security?
What should I consider when licensing my technology or products?
What are the laws and regulations for hiring employees?
What should I be aware of when entering into a business contract?
What regulations apply to small businesses?
What are the laws and regulations regarding data privacy?
How do I set up a distribution channel for my business?
What should I consider when creating a corporate governance structure?

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

Related FAQs

Related Blog Posts