Proprietorship, Partnership, Corporation, or LLC? Which Structure is Best For Your Business
by Carrie Hinkel
Published May 7th, 2008
Starting a small business can be confusing, in terms of deciding what "type" of business yours will legally be defined as. There are five main types of business organizational structures: sole proprietorship, general partnership, limited partnership, corporation and limited liability company (or LLC). Each is set up and operated differently, and each is looked at differently in terms of taxes and legal protection. Knowing which one is right for you and your business is crucial, and can save you from future legal and tax headaches. The five main types of business structures Sole Proprietorship - This type of business is... Read more
