Kiritsis & Associates


Could it be beneficial to structure organizations, in a way that would put societal type of needs, above those of pure self-interest?



John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Kiritsis Law Group  

212 922 0005


Entity structure refers to the legal form that a business or organization takes. There are several different entity structures that a business can choose from, including sole proprietorship, partnership, corporation, and limited liability company (LLC).


A sole proprietorship is a business owned and operated by a single individual. This is the simplest and most common form of business structure, and it offers the owner complete control over the business. However, it also exposes the owner to personal liability for the business's debts and obligations.


A partnership is a business owned and operated by two or more individuals. Partnerships can be either general partnerships, in which all partners are jointly and severally liable for the business's debts and obligations, or limited partnerships, in which some partners have limited liability and others have unlimited liability.


A corporation is a business owned by shareholders and managed by a board of directors. Corporations offer limited liability protection to their shareholders, which means they are not personally liable for the business's debts and obligations. However, corporations are more complex and expensive to set up and operate than other entity structures.


An LLC is a business that combines elements of both a corporation and a partnership. LLCs offer limited liability protection to their members (similar to a corporation), but they are taxed as partnerships (unless they elect to be taxed as a corporation). LLCs are a popular choice for small businesses because they offer a balance of liability protection and tax benefits.


The entity structure that a business chooses will depend on various factors, including the size and nature of the business, the number of owners, and the owner's goals and objectives. It is important for business owners to carefully consider the pros and cons of each entity structure before deciding which one is right for their business.


In addition to choosing an entity structure, businesses also need to consider other legal issues, such as obtaining the necessary licenses and permits, complying with employment laws, and protecting their intellectual property. Working with a lawyer or other legal professional can help businesses navigate these issues and ensure they comply with all relevant laws and regulations.




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Phone: 212 922 0005


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