7 Most Common Types of Business Entities | From A Business Professor [Video]

A business entity is essentially an organization formed by one or more individuals with the purpose of conducting business, trade, or similar activities. There exists a variety of business entity types, including sole proprietorships, partnerships, LLCs, corporations, and more. The specific type of business entity selected not only shapes the structure of the organization but also determines how the business is taxed. So “What are the most common types of business entities in the United States, and what are their respective advantages and disadvantages? Furthermore, which types of businesses are best suited for each of these entities?” In this video, I will discuss these questions with you.