December 1, 2016
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What are the different forms of business organizations?
- Sole Proprietorship – the only owner of the business is “you”.
- Partnership, includes the form of a regular partnership, a general partnership, limited partnership or limited liability partnership.
- Corporation – there is the so-called regular Corporation, Subchapter S corporations, used typically by small businesses to avoid double taxation.
- Limited Liability Company (LLC) – provides personal liability protection similar to a corporation, with the flexibility and tax advantages of a single proprietorship or partnership.