The following are the most common business entities:
* Corp., Inc. (Corporation, Incorporated): used to denote corporations (public or otherwise). These are the only terms universally accepted by all 51 corporation chartering agencies in the United States. In most states sole proprietorship and partnerships may register a fictitious “doing business as” name with the word “Company” in it.
* Doing Business As (DBA): denotes a business name used by a person or entity that is different from the person’s or entity’s true name. Filing requirements vary and are not permitted for some types of businesses or professional practices.
* General partnership is a partnership in which all the partners are jointly liable for the debts of the partnership. It is typically created by agreement rather than being created by a public filing.
* LLC, LC, Ltd. Co. (limited liability company): a form of business whose owners enjoy limited liability, but which is not a corporation. Allowable abbreviations vary by state.
* LLP (limited liability partnership): a partnership where a partner’s liability for the debts of the partnership is limited except in the case of liability for acts of professional negligence or malpractice. In some states LLPs may only be formed for purposes of practicing a licensed profession, typically attorneys, accountants and architects. This is often the only form of limited partnership allowed for law firms (as opposed to general partnerships).
* LP (limited partnership): a partnership where at least one partner has unlimited liability and one or more partners have limited liability
* PLLC (professional limited liability company): Some states do not allow certain professionals to form an LLC that would limit the liability that results from the services the professionals provide such as doctors, medical care; lawyers, legal advice; and accountants, accounting services, when the company formed offers the services of the professionals. Instead states allow a PLLC or in the LLC statutes, the liability limitation only applies to the business side, such as creditors of the company, as opposed to the service side, the level of medical care, legal services, or accounting provided to clients. This is meant to maintain the higher ethical standards that these professionals have committed themselves to by becoming licensed in their profession and not immune to malpractice suits.
* Professional corporations (abbreviated as PC or P.C.) are those corporate entities for which many corporation statutes make special provision, regulating the use of the corporate form by licensed professionals such as attorneys, architects, accountants, and doctors.
* Sole proprietorship: a business consisting of a single owner, not in a separately recognized business form.
