What are the Different Types of Business Structures?
1.8k views | 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

 

Was this helpful? Yes No

File your Extension in minutes & get instant IRS approval!

Apply Extension Now

Returning User? Sign in

Couldn't find what you
are looking for?

Contact Us

(803) 514-5155 [email protected]