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 must file. 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.
Limited Liability Company
C – Corporation
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.
Business Incorporation / Dissolution
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