In the United States, there are four basic structures: sole proprietorship, partnership, limited liability company and corporation.
Sole proprietorship (Single owner )
The business is owned by its owner. The advantage of this structure is the ease with which income is calculated and taxes are presented. The owner of a sole proprietorship is considered one with his signature. Your earnings are your earnings and are reported on your personal tax return. The disadvantage of the structure is that the owner is considered one with his signature. As such, it is responsible for all financial obligations incurred by the company, such as debts and lawsuits.
An association is made up of more than one individual. Similar to an individual company, a business of this structure is considered one with its owners.
Limited Liability Company
The latest type of business, limited liability companies (LLCs), has become a very popular structure used in the founding of a company. The ownership of an LLC is not limited to an individual, but is open to corporations, foreign entities and other LLCs. L
The corporation is an entity separate from its owners. This means that it can potentially live forever, regardless of the life of its founders. The property can be easily transferred and the funds can be collected simply by selling shares. A Subchapter S corporation is an alternative form of this business structure used by many smaller companies. The earnings of S corporations can be reported on personal income tax returns on their owners' income. As a standard corporation, however, the S corporation is subject to many government-administered regulations.
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