What are the Different Types of Business Structures?
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Last modified 3/13/2024 1:40:29 AM EST |
Added by ExpressExtension Team
The Businesses can be classified into various categories for federal tax purposes. Here are the major classifications:
- Sole Proprietorship
- Partnership
- S-Corporation
- C-Corporation
- Limited Liability Company (LLC)
| Sole Proprietorship |
Partnership |
S-Corp |
C-Corp |
LLC | |
|
Ownership |
Single Owner |
Two or more people |
Less than 100 shareholders |
Unlimited Shareholders |
One or more people |
|
Taxation |
Individual taxes & Self-employment taxes |
Individual taxes & Self-employment taxes |
Individual taxes |
Individual & Corporate taxes |
Corporate or individual taxes & Self-employment taxes |
|
Liability |
Owners are personally liable | Owners are personally liable |
Owners are not personally liable |
Owners are not personally liable | Owners are not personally liable |