In this business structure, one person owns all the entity’s liabilities and assets.

In a limited partnership, there is at least one general partner who operates or manages the business entity and one or more limited partners. While the general partners are personally liable for the entity’s debts, the limited partners generally contribute capital and are not directly responsible for managing the business. However, limited partners also share in the entity’s profits.

This is a business structure in which at least two individuals operate a business entity as co-owners and are personally liable for all the entity’s debts. The ultimate goal of a general partnership is to make a profit.

In this business structure, all the partners have one or more forms of limited liability. By default, they are all responsible for managing the business.

A corporation is generally and legally recognized as a separate entity from its owners or shareholders. Hence, the shareholders are not personally liable for the entity’s debts and acts. In Ohio, you may register the following types of corporations;

1. For Profit Corporation

   Ownership in a for-profit corporation is indicated by shares of stock.

2. Benefit Corporation

   In a benefit corporation, the entity generally sets forth at least one beneficial purpose in its articles of incorporation in addition to other purposes for which the entity is formed

3. Nonprofit Corporation

   This type of corporation is not formed to make a profit. In fact, any earnings made by the entity are not distributable to its members or other private individuals, except for the payment of services rendered or reasonable compensation.

4. Professional Corporation

   A professional corporation is generally established for the sole purpose of offering specific professional services.

An LLC may either be formed as a for-profit or nonprofit entity. It is generally managed by its members or assigned managers and is characterized by limited liability.