Sole Proprietorship: A business owned and run by one person.
Partnership: A business owned and run by two or more people.
Limited Liability Company (LLC): A hybrid entity that combines the passthrough taxation of a partnership with the limited liability of a corporation.
Corporation: A separate legal entity owned by shareholders.
Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It involves balancing the interests of the company’s many stakeholders, such as shareholders, management, customers, suppliers, financiers, government, and the community.
The board of directors is responsible for overseeing the management of the corporation and making major decisions on behalf of the shareholders.
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