The basic concepts of financial management are the same for all businesses, regardless of how they are organized. However, a firm's legal structure affects its operations. The main forms of business organizations are: (1) proprietorships, (2) partnerships, (3) corporations, and (4) limited liability companies (LLCs) and limited liability partnerships (LLPs). In terms of numbers, most businesses are -Select-proprietorshipspartnershipscorporationslimited liability companies/partnershipsItem 1 . However, based on the dollar value of sales, most business is done by -Select-proprietorshipspartnershipscorporationslimited liability companies/partnershipsItem 2 . Businesses are frequently started as -Select-corporationspartnershipsproprietorshipslimited liability companies/partnershipsItem 3 and then converted to -Select-corporationspartnershipsproprietorshipslimited liability companies/partnershipsItem 4 when their growth results in disadvantages outweighing advantages.