| Business Type | Description | ||
|---|---|---|---|
|
LLC |
A Limited Liability Company (LLC) combines the personal liability protection of a corporation with the simplicity and flexibility of a sole proprietorship or partnership. It’s a popular choice for small business owners. |
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S-Corp |
An S-Corporation is a special tax status that allows business profits and losses to pass through to the owner’s personal tax return, helping reduce self-employment taxes. It still provides liability protection like an LLC or C-Corp. |
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C-Corp |
A C-Corporation is a separate legal entity that pays its own taxes and is ideal for larger businesses or startups planning to raise investment capital. It offers strong liability protection and unlimited growth potential. |
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Sole Proprietorships |
A Sole Proprietorship is the simplest business structure, owned and operated by one person. It’s easy to set up but doesn’t offer liability protection, meaning the owner is personally responsible for business debts. |
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