With seven different business structures, picking the correct one for your business could be a daunting task. The business structure you choose affects everything from day-to-day operations, how you file taxes and even how much of your personal assets are at risk. Know the difference and figure out which one is the correct one for you.
Sole Proprietorship A sole proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities. Learn more about the sole proprietor structure.
Limited Liability Company An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Learn more about how LLCs are structured.
Cooperative People form cooperatives to meet a collective need or to provide a service that benefits all member-owners. Learn more about how cooperatives are structured.
Corporation A corporation is more complex and generally suggested for larger, established companies with multiple employees. Learn more about how Corporations are structured.
Partnership There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business. Learn more about how these are structured.
S Corporation An S corporation is similar to a C corporation but you are taxed only on the personal level. Learn more about how S corporations are structured.
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