A Sole Proprietorship is the simplest form of business to start. All you need to do is start operating as a business under your own name and Social Security Number, obtain any required licenses or permits, and you're in business.
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A General Partnership is formed when two or more people agree to jointly carry on a trade or business and share in the profits. Like a sole proprietorship no particular formalities are required to form the business, although a written partnership agreement is strongly recommended in order to minimize the risk of misunderstandings and disputes.
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The Limited Partnership (LP) business structure creates a separate legal entity that involves one or more general partners and one or more limited partners. These limited partners typically invest capital in the business and are limited in their liability proportional to the amount of capital they invest.
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A Limited Liability Partnership (LLP) most often employed in professional practices such as law, accounting and architecture. Generally the partners in limited liability partnerships aren’t responsible for the debts, obligations, or liabilities of the partnership resulting from negligence, malpractice or wrongful acts, or misconduct by another partner, employee or agent of the partnership.
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One of the newest business formats, LLC’s are rapidly growing in popularity, and for a good reason. This format provides management flexibility and the benefit of pass-through taxation with no restrictions on the number of the owners.
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C-Corporations, S-Corporations, General Corporations and their Shareholders.
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