![]() The profits and losses of an LLC are typically taxed as personal income or loss to the members.Ĭ-Corp: This structure makes your business a separate entity from the owners (the shareholders). Limited liability corporation (LLC): This business structure allows the business owner to protect personal assets from the business’ liabilities. Limited liability partnerships (LLP) protect all partners from the debt of the business. In a limited partnership (LP) there is typically one partner (the general partner) who is exposed to personal liability while the other partners (the limited partners) enjoy limited liability. Partnership: This is the business structure for two or more people that own a business together. In a sole proprietorship your business and personal assets and liabilities are not separated. If you never select a business structure but operate your business, then you are considered a sole proprietorship. Sole proprietorship: This is the default business structure. Here is a brief overview of some of the most common business structures. Because the business structure you choose affects so much, it’s important to do this first. The business structure (also called a business entity) you choose affects the way you file for taxes, your day-to-day operations, and how much your personal assets are at risk if your business fails. The first step is to decide on a business structure. But remember, Square does not provide legal or tax advice, and this article is not a substitute for advice from an attorney or tax advisor. Below, we explain the basics of how to get your business registered. ![]() The process of registering a business is different depending on the type of operation you’re starting, how big it is, and what state you live in.
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