An LLC (Limited Liability Company) is a business structure that combines personal asset protection with the flexibility and simplicity of a sole proprietorship or partnership. It's designed to be flexible and easy to manage and maintain, making it a popular choice for small and growing businesses.

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Benefits of forming an LLC include:

• Personal assets are kept separate from the business

• Flexible tax options depending on how the business chooses to be treated

• Less paperwork and fewer formal requirements than corporations

• Added credibility 

• Can be owned by single or multiple members.

A Corporation is a formal business structure that exists as it's own organization, separate from the individuals who own or run it. It's built to support long-term growth, raise capital, and operate with a clear leadership framework. Overall a Corporation is well-suited for businesses looking to grow, scale, and operate with a professional structure in place.

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Benefits of forming a Corporation include:

• Strong separation between personal and business finances

• Easier ability to raise funds through investors or shares

• Increased credibility with customers, partners, and lenders

• Clear management structure with defined roles

• Long-term stability and continuity as ownership changes

An S-Corporation is a business structure that blends the organized setup of a Corporation with a simpler tax approach that allows business income to flow directly to the owners. It's often chosen by small to mid-sized businesses that want structure, credibility, and efficient income handling without added complexity.

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Benefits of forming an S-Corp include:

• Business Earnings pass through to owners rather than being taxed twice

• Professional corporate structure that supports growth

• Clear ownership and management roles

• Potential savings on certain business taxes

• Increased credibility with clients and partners

An S-corp election is a choice a business can make to have its profits and losses pass directly to the owners instead of being handled at the business level. Both LLC's and Corporations can choose this option, allowing them to keep their existing business structure while using a streamlined income flow approach.

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Benefits of an S-Corp election include:

• Business income flows directly to owners rather than being taxed twice

• Available to both LLC's and Corporations

• Maintains a professional and organized business setup

• Can improve overall tax efficiency for many businesses

• Provides clear financial and ownership organization

A sole proprietor is the simplest form of business, where one person owns and runs the operation under their own name or business name through a DBA (Doing Business As). There's no separate business structure - the owner is directly in charge of all decisions, income, and daily operations making it a straightforward option for individuals who want to start a business quickly with minimal complexity.

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Benefits of a sole proprietor include:

• Quick and low-cost to set up

• Full control over business decisions

• All profits go directly to the owner

• Minimal paperwork and ongoing requirements

• Flexible and easy to operate

A partnership is a business arrangement in which two or more individuals work together to operate and grow a business. It is not a formal separate entity, but rather an operating relationship between the partners who share responsibilities, decision-making, and profits. Partnerships may also operate under DBA (doing business as) name, allowing the business to use a name different from the partner's personal names.

 

​Benefits of a partnership include:

• Simple and cost-effective to establish

• Shared management and operational responsibilities

• Ability to combine skills, experience, and resources

• ​Profits are distributed directly among partners