5 Common Business Structures 1. Four types of business structures to consider when expanding to the United States Be aware of the fine print of each, to avoid risking tax consequences or fines There are three main types of business structures to choose from for your business in the UK. Whether you are seeking a business visa, or an endorsement to a visa you will have to select the right business structure. Your structure may change as your business grows. Work & Purpose The Four Types of Businesses and Which One May Be Best for You Each business entity has benefits and drawbacks to consider The board of directors is responsible for coming up with the business plan and the general management of the corporation. Sole Proprietorship. You are the sole owner of your business, and you simply have to begin business operations in order to create a sole proprietorship. Learn More About Types of Business Structures by Talking to an Attorney. There are four major business formation types with which you need to concern yourself, and each one works best for certain types of businesses. Here’s an outline of each to help you decide which one is right for your business. There’s no distinction between the business and you, the owner. The most common type is the hierarchical, top-down organizational chart that shows people by their functional position. They vary in terms of scale, liability and investors. You generally must file articles of incorporation with your state, sell stock to the new company’s shareholders and elect a board of directors. Business structures are chosen for the most part to comply with tax law, which treats each type of structure differently. However, if you are just getting started with this topic, you may want to look at the four basic types of market structures first: perfect competition, monopolistic competition, oligopoly, and monopoly. A sole proprietorship is perhaps the simplest of all the different types of business structures. There are three types of legal structures for a business: Sole proprietorship, partnership (which is a form of proprietorship) and incorporation. You should choose a business structure that gives you the right balance of legal protections and benefits. There are 4 main types of business structure in Australia. The Companies Act of 2008 relays the appropriate types of business structures in South Africa pertaining to companies. Four Major Business Formation Types Anyone who has ever contemplated setting up a business was likely overwhelmed by the vast number of decisions such a venture demands. Others include: divisional structure, matrix structure, and flat structure.