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According to Entrepreneur, the primary advantage a corporation has over alternative company arrangements is liability protection.
Shareholders, who gain from the company's profits, own corporations. A partnership is a firm that is held by two or more persons who split the earnings. An individual who owns a sole proprietorship is the only one accountable for earnings and losses. The most complicated type of company, a corporation requires the greatest paperwork and costs to start up, but it can provide some benefits that other business structures do not.
According to Entrepreneur, the primary advantage a corporation has over alternative company arrangements is liability protection. Due to the fact that companies are treated as distinct legal entities from the persons who own them, shareholders are not in danger of losing personal assets as a result of a company's indebtedness. On the other hand, owners of partnerships and sole proprietorships are liable for all business debts and legal obligations and risk having their personal assets forfeited if the business files for bankruptcy or becomes involved in expensive legal disputes.
To learn more about liability protection:
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