Four Types of Business Entities

Below you will find the primary local, state and federal legal issues that you should consider in connection with starting your own business. There are four types of business entities most commonly used to operate a business:

• Sole Proprietorship
• General Partnership
• Corporation
• Limited Liability Company

Sole Proprietor | General Partnership | Corporation | Limited Liability Company

Documentation that an attorney prepares in order to close a

business transaction:

• Bill of Sale
• Non-Lien Affidavitt
• Seller’s/Buyer’s Affidavit
• Seller’s/Buyer’s Corporate Resolution
• Cooperation Agreement
• Affidavitt of transfer of fictitious name, yellow pages advertising and telephone
• Tax Reporation Agreement
• Assignment of Trade Name
• Assignment of Customer Contracts and Accounts
• Assignment of Purchase and Sale Contract (If to a Corporation)
• Convenant Not to Compete
• Promissory Note
• Security Agreement
• UCC-1 Financing Statement
• Assignment of Lease
• Collateral Assignment of Lease
• Employment Agreement
• Purchase Price Allocation
• Inventory List/Adjustment Worksheet
• List of Vendors/Deposits
• Closing Statement