Jeff Hornstein is our Business Law Attorney member. Jeff gave us a presentation on the comparisons of the types of business organizations. The simplest is the sole proprietorship which is one individual who works for themselves and is personally responsible for everything. The next category is partnerships which are businesses with more that one person. It their simplest form, all partners are liable for commitments made by any partner and income is passed down personally based on the partnership agreement. Corporations are owned by their shareholders and governed by a Board of Directors. Their is a degree of asset protection if the business is run properly. Subchapter S corporations have to meet certain requirements and the income flows to the shareholders.C Corporations are taxed at the corporate level as their own entity. The category of LLLC offer protection from personal debt and are formed for the purpose of the members. They are member managed. Remember Jeff Hornstein and Hornstein Law Office when you hear your associates mention that they need advise on a business issue.