Choose Your Business Structure
LIMITED LIABILITY COMPANY (LLC)
*MOST COMMON*
A limited liability company is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. This is the most common business type for single member companies and partnerships.
SOLE PROPRIETERSHIP / PARTNERSHIP
A sole proprietership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity. A Partnership works very similar to a sole proprietership except there may be more than one person involved.
Corporation
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes. The vast majority of corporations have a goal of returning a profit for their shareholders. Corporations may also have a board of directors and a CEO.
NON-PROFIT
A nonprofit organization, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit.
TRADE NAME / DBA
This is not actually a formal business structure, but generally the name the owner(s) wish to give their Sole Proprietorship or General Partnership. It can also be registered as an alternate name for an LLC or a Corporation.
