These are businesses with a single owner, who retains sole control and ownership of the business entity. Sole proprietorships are usually the easiest types of business entities to form and typically have fewer legal restrictions compared to other types of business entities.

These types of businesses involve at least two people acting as co-owners of a business. Partnerships are typically created through oral or written agreements between all involved parties (written agreements are highly recommended). These agreements usually outline the responsibilities and obligations of the partners and their respective ownership percentages.

LLPs are similar to general partnerships, in that they allow the partners to take active roles in managing the business entity. However, in an LLP, the members are typically afforded some liability protection from the actions of other partners, the partnership, and employees. LLPs in Arkansas are usually created by groups of professionals, such as accountants, architects, and doctors.

LPs typically consist of general partners who manage the business, often without any liability protection, and limited partners, who are usually investors with liability protection. These limited partners are usually not involved in the day-to-day running of the business and their liability protection is generally determined by the extent of their investment.

LLLPs are a type of limited partnership that limits the liability of the general partners, offering them similar protection to partners in an LLP. This means that general partners in an LLLP are generally not held responsible for the debts or obligations of the partnership beyond the extent of their investment or contributions to the business entity.

LLPs are partnerships where all partners have limited personal liability for business debts.

Corporations are a somewhat complex form of business organization where the business legally exists as a separate entity from its owners or shareholders. Corporations are typically managed by elected officers and a board of directors.

1. S Corporation:

   The main difference between an S Corporation and other types of corporations is that S Corporations choose to be taxed under Subchapter S of the Internal Revenue Tax Code. These types of corporations are sometimes called “tax pass-through” business entities – this generally means that the corporation’s owners report its profits and losses on their personal tax returns.

LLCs are business entities that combine the characteristics of corporations and partnerships, including providing limited liability protection to its members.

SLLCs are a type of Limited Liability Company where the members, managers, assets, or liabilities are divided into separate groups or “series,” with each series capable of operating independently.

Nonprofit corporations are business entities that are generally created and registered for public benefit, religious purposes, or for the mutual benefit of their members. These types of businesses are often granted tax-exempt status; however, there is no guarantee of this.