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Limited Liability Company

LLC’s did not exist in the U.S. until 1977.  A Limited Liability Company is a blend between a sole proprietorship or partnership and a corporation.  It is similar to a corporation in that its structure limits liability of the business owner in the event of bankruptcy or other circumstance.  Like a sole proprietorship or partnership, […]

Sole Proprietors and General Partnerships

Many small businesses begin as sole proprietors or partnerships because they are relatively simple to set up.  Usually, an idea, some start-up money, and a business license will have an aspiring entrepreneur on his or her way in the business world. Sole proprietors are unincorporated businesses owned and operated by one person.  Because there is […]

Business Structures

When starting a business, there comes a time to make it official.  Deciding which entity is the best fit requires some research because of legal implications.  Each type has some tax pros and cons, as well as specific tax forms to be filed with the Internal Revenue Service.  Claiming an entity determines who is responsible […]

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