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Business Structures

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Incorporation Category
Limited Liability Company (LLC)
Doing Business As (DBA)
  • Limited Liability
  • Can spread profits between the owners and the corporation to lower the effective tax rate
  • Formal meetings and record-keeping required
  • Limited liability
  • By default, no corporate tax, with profits and losses passed directly to owners
  • Fewer corporate formalities required
  • Not a formal business structure
  • Required to legally conduct business under a trade name
  • Minimal maintenance required
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