Each type of business structure has advantages and disadvantages. Choosing the right one for you depends on your unique situation—choosing the wrong one can have legal and tax implications down the road. With our Start-a-Business Wizard, you can get help deciding which one may be right for you.

Quickly becoming the most popular way to start a small business, LLCs offer the same personal liability protection as a corporation, but with great tax and management flexibility.

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Corporations offer personal liability protection, tax savings, and increased opportunities for raising capital. Corporations are also required to perform certain formalities such as holding annual meetings and keeping detailed corporate records (minutes).

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Providing many of the same benefits of a traditional C Corporation, an S Corporation provides both personal liability protection with the added flexibility of pass through taxation, avoiding double taxation of a traditional C Corporation.

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Although the simplest form of business, sole proprietorships are not considered a separate legal entity and do not offer owners limited liability protection. If you intend to do business under a name other than a legal name, you will need to file a DBA.

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A special type of corporation organized to enable the ability to apply for tax exempt status with the IRS and to receive public grants and private donations.

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Not considered a separate legal entity, this association is formed when two or more people start operating a business together. Although easy to form, general partners are personally liable for all business debt and liabilities

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Typically used by certain investment groups such as venture capital firms, an LP consists of both general partners (who manage and run the LP) and limited partners (who contribute capital).

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Most often used by licensed professionals such as attorneys and accountants, LLPs afford owners the opportunity to limit their personal liability when an LLC or corporation is not an option.

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Thinking of forming a Limited Liability Company? You are not alone. The LLC has grown in popularity as more and more entrepreneurs discover its benefits and flexibility. This free guide provides an overview of the advantages of forming an LLC and helps to answer common questions such as "where should I form my LLC" and "What does it take to operate and maintain an LLC".

For many people considering starting a new business, protecting their personal assets is a priority. Incorporating your business or forming an LLC are two of the best ways to do just that. This free guide provides a comparison of several of the most popular business entities including C-corporations, S-corporations and LLCs, as well as a detailed look at when incorporating your business may be the best option for your business.

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