Cedar Valley UT
Top Rated Business Lawyer
Sole Proprietorship - Simplest business structure, no filing requirements, but no personal liability protection
Partnership - Created automatically when 2 more persons engage in a business. By default, a business that begins with a verbal agreement or handshake is considered a general partnership. All partners share in both the day-to-day management and business profits. However, I highly advise using a written partnership agreement to form a partnership.
Limited Liability Company - A standard for most small businesses and online businesses. Features limited liability which means the owners of an LLC have no personal liability for the obligations of the LLC. An LLC is the entity of choice for a businesses seeking to flow through losses to its investors because an LLC offers complete liability protection to all its members.
C-Corporation - A corporation is an independent legal entity owned by its shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs. Also feature Corporate Tax Treatment meaning that corporations file taxes separately from their owners
S-Corporation - Pretty much the same as a C-Corporation + some tax benefits. Also, Profits and losses can pass through to your personal tax return. This means that the business is not taxed itself, only the shareholders are taxed.
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