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Commonly Asked Questions about Business Setup Legal Forms

Types of Business Entities Sole Proprietorship. This is a business run by one individual for their own benefit. PartnershipsGeneral and Limited. Limited Liability Company (LLC) Corporation. Advantages/Disadvantages.
The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A limited liability company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.
Sole proprietorships can be a good choice for low-risk businesses and owners who want to test their business idea before forming a more formal business.
The three major forms of business in the United States are sole proprietorships, partnerships, and corporations. Each form has implications for how individuals are taxed and resources are managed and deployed.
The sole proprietorship is the most common form of business organization.
The 3 Most Common Business Structures Sole Proprietorship. In a sole proprietorship, youre the sole owner of the business. Partnership. A partnership is a non-incorporated business created between two or more people. Corporation. A corporation is a legal entity separate from its shareholders.
Sole Proprietorship. Partnership. Corporation. Income Trust. Co-operative.