Form The Right Business Entity. The business structure you choose has significant legal, tax and funding implications as shown in this video. Learn about the different types of business structures. Choose the business entity that best fits for your needs.
A sole proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities.
A corporation is more complex and suggested for larger companies with multiple employees. C corporations pay corporate taxes, then shareholders pay taxes on liquidity events such as distributions, resulting in double taxation.
An S corporation is similar to a C corporation but pass through income to shareholders who pay taxes, preventing double taxation.
An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.
There are several different types of partnership, which depend on the nature of the arrangement and partner responsibility for the business.
Cooperatives are formed to meet a collective need or to provide a service that benefits all of its member-owners.
See Wikipedia for the USA business entity types: Corporation, Limited Liability Company, Sole Proprietorship, Partnership & Cooperative. See Benefit Corporation, C Corporation, S Corporation, LLC, SLLC, LLLP, LLP, Delaware Corporation, Delaware Statutory Trust, Massachusetts Business Trust, Nevada Corporation. Also see U.S. Corporate Law.
Go to Google for Entrepreneurs for Google Business Products, Google Business Groups and Tools For Entrepreneurs (Videos).
Go to the SBA to choose your business structure and for help starting your business.
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Source: Google for Entrepreneurs
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