To Choice of Entity – A Basic Primer on Common Types Used by Small Businesses
There are many different kinds of legal entities: sole proprietorships, limited liability companies (“LLCs”), general partnerships, limited partnerships, limited liability partnerships, trusts, and corporations to name a few. I am going to focus on four of the most commonly created entities below. Each type of entity has different liability protections and tax treatment. When forming your business entity you should ask yourself two basic questions 1) how much liability risk to your personal assets are you willing to take; and, 2) how much tax would you like to pay?
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