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A sole proprietorship is a form of business that is legally indistinguishable from the person running it. Also known as a DBA (doing business as), a sole proprietorship is the cheapest and easiest type of business to create. Just get a business license, hang
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A partnership is a business run by two or more people. Although you don't have to have a written partnership agreement to start a partnership, it is best to have one.
Unlike a sole proprietorship and a partnership, a corporation is a legal entity separate from the principals in the business. The great thing about that is the corporation protects you from personal liability for business debts. For example, if the business gets sued, the plaintiff can only go after business assets — not your personal assets.
In addition, make sure to read these articles:
- The Pros and Cons of Partnerships
- How Should You Structure Your Business?
- Advantages of a Limited Liability Company (LLC)
- Changes in income tax rates.
- New 50% exclusion for gain from QSB stock.
- "Can We Talk?" (About Forms of Business Operation,...
- Advantages and Disadvantages of C Corporations
- Check-the-box: choosing an entity's...
- The
- "Planning" for disability.
- Assets or stocks? Structuring your business sale.
- Structuring corporate payments...
- Strong structure.
- Advantages and Disadvantages of S Corporations
- Management advice: choosing the best...
The big advantage of a general partnership is that it´s fairly simple to set up. You don´t have to register with your state and pay ......
Learn the differences between each of the six basic business structures, including their advantages and disadvantages.
The hybrid answer to choosing the form of business for your company may be to go with a Limited Liability Company (LLC), which combines the ......
In the U.S., income tax rates over the years have primarily been affected by economic requirements (to stimulate the economy or slow down inflation), social ......
The new tax benefit provided by Sec. 1202 appears to be helpful to an existing C corporation that meets the requirements of a qualified small ......
Ryan Marsh sat back in the old, trusted recliner located in the study of his modest home. Ryan had just come home from another long, ......
Let's review the many tradeoffs in the C Corporation, which is a for-profit, state incorporated business that is the most common type of corporation in ......
The Internal Revenue Service has finalized rules that allow most businesses to choose whether they will be treated as a corporation or as a passthrough ......
As an entrepreneur and embroiderer, you spend countless hours fine-tuning all aspects of your business. You do everything possible to achieve profitability and stability. Your ......
Having a qualified sick-pay plan in place can keep companies from falling into a tax trap. Ask any business owners if they would continue paying ......
Structuring Your Business Sale If ever there was an opportunity to say, "...if I had only..., " or perhaps your favorite is, "woulda, coulda, shoulda," ......
Facts: John Thornberg, an inventor with an electrical engineering background, started a sole proprietorship three years ago in his garage to develop superior automobile audio ......
Q I am launching my own small business venture, but I have some questions regarding business structures. Is there a right or wrong choice when ......
An S Corporation is similar to a C Corporation, but with a different tax structure. Here are some pros and cons to consider.
One of the most fundamental decisions you make when getting your business off the ground is selecting its corporate structure, or what's known as its ......
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