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Choose a Business Structure
Early in your planning, determine what type of business you will be creating. When making your decision, consider taxes, legal restrictions, liabilities assumed and number of employees. Perquest recommends consulting with a tax attorney or corporate attorney when making this decision.
There are a number of different business types, including:
Sole Proprietorship: A business owned and controlled by one person who is solely responsible for its financial obligations.
General Partnership: A partnership in which each partner is liable for all partnership debts and obligations regardless of the amount of the individual partner's capital contribution.
Limited Liability Company: An unincorporated company formed under applicable state statute whose members cannot be held liable for the acts, debts or obligations of the company and that may elect to be taxed as a partnership.
Limited Partnership: A partnership in which the business is managed by one or more general partners and is provided with capital by limited partners who do not participate in management but who share in profits and whose individual liability is limited to the amount of their respective capital contributions.
"S" Corporation: A corporation with a limited number of shareholders that is treated as a partnership for tax purposes.
"C" Corporation: A corporation in which the shares are held by shareholders and may be publicly traded.
Depending upon your business plans, certain business structures might be more advantageous than others.
Business.gov
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