In the US there are several different types of companies including:
- Sole Proprietor
- General Partnership
LLC stands for Limited Liability Company. An LL can operate as a business without risking any personal assets. If a Limited Liability Company was to go broke and fold, your personal assets for example, your home, car etc would be safe. An LLC does not have shareholders.
This kind of business is a business started by an individual. Any debt or liabilities incurred are solely the proprietor's responsibility, to the extent of their personal belongings.
A general partnership is started with two or more people. Each partner agrees to a percentage of the profits usually by a verbal or written agreement. Each partner is liable for his or her part of the tax paying.
A corporation is an organization that is limited by shareholders. If a corporation fails then the shareholders lose their investment.
Most large companies and corporations have departments within their business. The larger the company, the more staff is needed, so therefore the more departments they have. Each department is responsible for a specific job. Every company or corporation with reasonable size or scope would have all or a combination of the following:
- A Finance or Accounts Department, to look after their finances.
- A Human Resources department would look after payroll, sickness, annual leave and any other staff related issues.
- A sales department would be responsible for selling products or services.
- An IT department to deal with all computer running and support issues.
These are just a few different departments that you will find within an organization. The size and nature of a business will determine how many different types of departments there is within a company.