Corporation (C or S)
A Corporation is an independent entity, for both legal and tax purposes, that is separate and apart from the people who own it (called shareholders) and those who manage it (called board members and officers).
A Partnership is an entity consisting of two or more persons working together for a profit. Unlike a Corporation or an LLC, in a General Partnership the partners are all responsible for legal and tax liabilities.
Limited Liability Company (LLC)
A Limited Liability Company, commonly referred to as an LLC, is a business entity type that combines the limited liability of a corporation with the pass-through taxation of a sole proprietorship or partnership.
A Sole Proprietorship is the type of business entity that is run by one person, with no distinction between the owner and the business. The individual owner is responsible for all legal and tax liabilities.
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