Define the term “company”. Distinguish it from, partnership and limited liability partnership. 

A company is a legal entity formed by a group of individuals to engage in and operate a business enterprise. A company may be organized in various ways for tax and financial liability purposes depending on the corporate law of its jurisdiction. The line of business the company is in will generally determine which business structure it chooses, for example a partnership, a proprietorship, or a corporation. As such, a company may be regarded as a business type.

A company is essentially an artificial person (also known as corporate personhood), in that it is an entity separate from the individuals who own, manage and support its operations. A company has many of the same legal rights and responsibilities as a person, such as entering into contracts, the right to sue (or be sued), borrow money, pay taxes, own assets, and hire employees. Companies are generally organized to earn a profit from business activities, though some might be structured as a nonprofit charity. Each country has its own hierarchy of company and corporate structures, though with many similarities.

The benefits of starting a company include income diversification, a strong correlation between effort and reward, creative freedom ____ ______ ________ ____ ________.
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