A business is defined in the United States statute as any corporation, partnership, limited liability company, or other entity organized for the purpose of conducting trade. A business can be either for-profit or non-profit entities that conduct business to meet a social purpose or further a social agenda. In the past business was mainly a physical structure that included a building, property, inventory, and employees whose duties included running the business. In recent years the term “Business” has been used to refer to both types of structure including a corporation and an unincorporated firm.
In addition to having a physical structure, most business are also governed by laws, rules and regulations that are designed to protect the interests of the owners, stockholders, and operators of the business. To help business owners comply with these requirements, there are attorneys who practice in this area. A business association is one such professional association that can provide information on the requirements related to the state in which the business resides. This may include the filing of an annual report with the secretary of state that provides details on the tax status of the business. These professionals can also assist with other legal structure requirements that are related to the ownership of corporations, partnerships, limited liability companies, and limited liability partnerships (LLPs).
One other type of business structure that may be of interest to a business owner is a limited liability company or LLC. Limited liability companies are very similar to corporations, but have some differences related to the formation of the business. Other states allow business owners to form limited liability partnerships (LLPs), which are not considered corporations.