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There are different types of businesses to choose from when forming a company, each with its own legal structure and rules. Typically, there are four main types of businesses: Sole Proprietorships, Partnerships, Limited Liability Companies (LLC), and Corporations.
When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation.
The four steps to creating an entity are: Decide, Plan, Organize, and Implement.
Types of businesses Sole proprietorship. Partnership. Corporation. Limited liability company.
Chartered Accountants Level I entities: Large-sized entities. Level II entities: Medium-sized entities. Level III entities: Small-sized entities. Level IV entities: Micro-sized entities.
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Types of Business Entities Sole proprietorship. Sole proprietorships are the simplest form of a business entity in which the business has a single owner: you. Partnership. C corporation. S corporation. Limited liability company.
sole trader the simplest structure, gives you full control. company more complex, limits your liability because its a separate legal entity. partnership made up of 2 or more people who distribute income or losses. trust where a trustee is responsible for business operations.

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