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Types of entities
There are several business entities to choose from. Which one is right for you?
For most people, an LLC is the way to go for a small new business or investment holding entity. However, corporations are also useful in certain situations. Generally, the main points to consider are whether the entity you are picking will help protect you from personal liability and will not result in additional taxes.
LLCs and CORPORATIONS
Limited Liability Company
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C-Corporation
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**S-Corporation (a Corporation or LLC with S-Corporation tax classification)
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PARTNERSHIPS
Generally speaking, a partnership is unlikely to be the type of entity you need for your new business, largely because of the lack of personal liability protection provided. Here's a quick overview:
General Partnership
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Limited Partnership
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