What is the difference between a sole proprietor, partnership, corporation, LLC, and other business entities?
With so many different types of business entities, it can seem overwhelming when you’re trying to decide which direction to take your company. Each of these business types has it own advantages and disadvantages when it comes to taxes, protection from creditors, operations, and other areas. Before you make a move, remember that evaluating your needs and understanding these forms of business entities could be the difference between success and failure. Consult a professional at Legend Tax today.
Related Questions
- My business entity (Corporation, LLC, Partnership, etc) is entirely passive and/or dormant and it is just paying a minimum tax to the Secretary of State. Is it required to get a license?
- What structure is best for my business: corporation ("S" or "C"), LLC or sole proprietor?
- What is the difference between an incorporation& an LLC?
