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Posts Tagged ‘business structure’

Proprietorship, Partnership, Corporation, or LLC? Which Structure is Best For Your Business

by Carrie Hinkel on May 7th, 2008
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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 »

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Understanding Business Structures

by Veronica Stone on May 22nd, 2007
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General Corporation A general corporation, also known as a "C" corporation, is the most common corporate structure. A general corporation may have an unlimited number of stockholders. Consequently, it is usually chosen by those companies planning to have more than 30 stockholders or large public stock offerings. Since a corporation is a separate legal entity, a stockholder’s personal liability is usually limited to the amount of investment in the corporation and no more. Subchapter S Corporation A Subchapter S Corporation is a general corporation that has elected a special tax status with the IRS after the corporation has been formed.... Read more »

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