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LLC Business Basics

A limited liability company (LLC) combines attributes from both corporations and partnerships (or for one-person LLCs, sole proprietorships): the corporation’s protection from personal liability for business debts and the simpler tax structure of partnerships. And while setting up an LLC is more difficult than creating a partnership or sole proprietorship, running one is significantly easier [...]

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Corporation Basics

Most people have heard that forming a corporation provides “limited liability” — that is, it limits your personal liability for business debts. What you may not know is that there’s more to creating and running a corporation than filing a few papers. You’ll need to keep excellent records to handle the more complicated corporate tax [...]

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Partnership Basics

By definition, a partnership is a business with more than one owner that has not filed papers with the state to become a corporation or LLC (limited liability company). There are two basic types of partnerships — general partnerships and limited partnerships. This article discusses only general partnerships — those in which every partner has [...]

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Sole Proprietorship Basics

A sole proprietorship is a business that is owned by one person (and sometimes his or her spouse) and that isn’t registered with the state as a corporation or a limited liability company (LLC).
Sole proprietorships are so easy to set up and maintain that you may already own one without knowing it. For instance, if [...]

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Legal Entities, Licenses and Permits

How you form your business, and its legal structure, is one of the most important decisions you will make in the process of launching your venture.
The business entity
The pros and cons of different business formations are worth understanding. They vary by state—consequently this is not a good area for guesswork, and not a good place [...]

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S Corporation Business Facts and Options

Many entrepreneurs have two goals when choosing a structure for their business: protecting their personal assets from business claims and having business profits taxed on their individual tax returns. Not long ago, an S corporation was the only choice for these business owners. In the last few years, however, the popularity of S corporations has [...]

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