Page 56 - MICROHUB Handbook - ENGLISH
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Partnerships are the simplest structure for two or more people to
own a business together. Limited partnerships have only one
general partner with unlimited liability, and all other partners have
limited liability.
A corporation is a legal entity that is separate from its owners.
Corporations can make a profit, be taxed, and can be held legally
liable. Corporations offer the strongest protection to its owners from
personal liability, but the cost to form a corporation is higher than
other structures. Corporations also require more extensive record-
keeping, operational processes, and reporting.
A cooperative is a business or organisation owned by and operated
for the benefit of those using its services. Profits and earnings
generated by the cooperative are distributed among the members,
also known as user-owners. Members can become part of the
cooperative by purchasing shares, though the amount of shares they
hold does not affect the weight of their vote.
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