4 Tutorials that teach Businesses and Organizations
Take your pick:
Businesses and Organizations

Businesses and Organizations

Author: Jere Smith
In this lesson, the student will learn about legal and tax entities in accounting.
See More

Get a great return on your investment.
Our Accounting course is only $329.

Sophia's online courses help save you money, while earning credits that are eligible for transfer to over 2,000 colleges and universities.*


Notes on "Businesses and Organizations"

Key Terms

Sole Proprietorship

A type of company that is owned by a single individual, and where the individual and the business are legally treated as the same.

Limited Liability Company (LLC)

A type of company where owners are not held personally responsible for the organization's liabilities.

Limited Liability Partnership (LLP)

A type of company where only one of the partners is liable for the amount invested in the organization and is not accountable for the behavior of the other partner(s).

Corporation (Inc.)

A type of company that exists as a separate unit from owners and shareholders, thereby protecting each individual from liability that exceeds the original investment.

Private Corporation (PC)

A type of company whose shares are not purchased or traded publicly.


An organization that reinvests profit into the goals of the company instead of distributing to owners and shareholders.