Sole
Proprietorship - An entity in which one person owns all the assets of the
business, and is liable for all the debts of the business. The Sole
Proprietorship offers a relatively quick, inexpensive means of establishing a
business, but offers no protection against personal liability.
Partnership - A business owned by two or more
persons, with an agreement between the partners outlining the distribution of
profits and losses. The Partnership may be General or Limited. In a
General Partnership, the partners are jointly and separately liable for all
debts of the business. In a Limited Partnership, a limited partner's
liability may not exceed the amount of that partner's contribution.
Limited Liability Company - A business
having a relatively small number of members, filed at the state level. The
LLC protects the owners from most personal liability, while still providing the
benefits associated with a partnership, including multiple tax advantages.
Subchapter S Corporation - A business corporation
having a limited number of shareholders. The S Corporation offers both the
limited liability and centralized management of a traditional corporation,
including the appointment of a board of directors to manage business affairs.
Similar to the LLC, this entity provides the benefits associated with a
partnership, including multiple tax advantages.
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