Understanding Business Structures: Sole Proprietorships, Partnerships, Corporations
Student Worksheet
A freelance graphic designer keeps every dollar earned alone but stays personally on the hook if a client sues over copyright infringement, an example of unlimited liability in practice. Law firms show the partnership side, where one partner handles litigation while another handles contract law, splitting expertise and liability alike. A technology company, by contrast, can raise millions selling shares once its profits are taxed twice.
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