What are the different forms of business organizations?

  • Sole Proprietorship – the only owner of the business is “you”.
  • Partnership, includes the form of a regular partnership, a general partnership, limited partnership or limited liability partnership.
  • Corporation – there is the so-called regular Corporation, Subchapter S corporations, used typically by small businesses to avoid double taxation.
  • Limited Liability Company (LLC) – provides personal liability protection similar to a corporation, with the flexibility and tax advantages of a single proprietorship or partnership.