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Type of Entity Main Advantages Main Drawbacks Sole Proprietorship Simple and inexpensive to create and operate Owner reports profit or loss on his or her personal tax return Owner personally liable for business debts General Partnership Simple and inexpensive to create and operate Owners (partners) report their share of profit or loss on their personal tax returns Owners (partners) personally liable for business debts Limited Partnership Limited partners have limited personal liability for business debts as long as they don't participate in management General partners can raise cash without involving outside investors in management of business General partners personally liable for business debts More expensive to create than general partnership Suitable mainly for companies that invest in real estate Regular Corporation Owners have limited personal liability for business debts Fringe benefits can be deducted as business expense Owners can split corporate profit among owners and corporation, paying lower overall tax rate More expensive to create than partnership or sole proprietorship Paperwork can seem burdensome to some owners Separate taxable entity S Corporation Owners have limited personal liability for business debts Owners report their share of corporate profit or loss on their personal tax returns Owners can use corporate loss to offset income from other sources More expensive to create than partnership or sole proprietorship More paperwork than for a limited liability company which offers similar advantages Income must be allocated to owners according to their ownership interests Fringe benefits limited for owners who own more than 2% of shares Professional Corporation Owners have no personal liability for malpractice of other owners More expensive to create than partnership or sole proprietorship Paperwork can seem burdensome to some owners All owners must belong to the same profession Nonprofit Corporation Corporation doesn't pay income taxes Contributions to charitable corporation are tax-deductible Fringe benefits can be deducted as business expense Full tax advantages available only to groups organized for charitable, scientific, educational, literary or religious purposes Property transferred to corporation stays there; if corporation ends, property must go to another nonprofit Limited Liability Company Owners have limited personal liability for business debts even if they participate in management Profit and loss can be allocated differently than ownership interests IRS rules now allow LLCs to choose between being taxed as partnership or corporation More expensive to create than partnership or sole proprietorship State laws for creating LLCs may not reflect latest federal tax changes Professional Limited Liability Company Same advantages as a regular limited liability company Gives state licensed professionals a way to enjoy those advantages Same as for a regular limited liability company Members must all belong to the same profession Limited Liability Partnership Mostly of interest to partners in old line professions such as law, medicine and accounting Owners (partners) aren't personally liable for the malpractice of other partners Owners report their share of profit or loss on their personal tax returns Unlike a limited liability company or a professional limited liability company, owners (partners) remain personally liable for many types of obligations owed to business creditors, lenders and landlords Not available in all states Often limited to a short list of professions
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Type of Entity Main Advantages Main Drawbacks Sole Proprietorship Simple and inexpensive to create and operate Owner reports profit or loss on his or her personal tax return Owner personally liable for business debts General Partnership Simple and inexpensive to create and operate Owners (partners) report their share of profit or loss on their personal tax returns Owners (partners) personally liable for business debts Limited Partnership Limited partners have limited personal liability for business debts as long as they don't participate in management General partners can raise cash without involving outside investors in management of business General partners personally liable for business debts More expensive to create than general partnership Suitable mainly for companies that invest in real estate Regular Corporation Owners have limited personal liability for business debts Fringe benefits can be deducted as business expense Owners can split corporate profit among owners and corporation, paying lower overall tax rate More expensive to create than partnership or sole proprietorship Paperwork can seem burdensome to some owners Separate taxable entity S Corporation Owners have limited personal liability for business debts Owners report their share of corporate profit or loss on their personal tax returns Owners can use corporate loss to offset income from other sources More expensive to create than partnership or sole proprietorship More paperwork than for a limited liability company which offers similar advantages Income must be allocated to owners according to their ownership interests Fringe benefits limited for owners who own more than 2% of shares Professional Corporation Owners have no personal liability for malpractice of other owners More expensive to create than partnership or sole proprietorship Paperwork can seem burdensome to some owners All owners must belong to the same profession Nonprofit Corporation Corporation doesn't pay income taxes Contributions to charitable corporation are tax-deductible Fringe benefits can be deducted as business expense Full tax advantages available only to groups organized for charitable, scientific, educational, literary or religious purposes Property transferred to corporation stays there; if corporation ends, property must go to another nonprofit Limited Liability Company Owners have limited personal liability for business debts even if they participate in management Profit and loss can be allocated differently than ownership interests IRS rules now allow LLCs to choose between being taxed as partnership or corporation More expensive to create than partnership or sole proprietorship State laws for creating LLCs may not reflect latest federal tax changes Professional Limited Liability Company Same advantages as a regular limited liability company Gives state licensed professionals a way to enjoy those advantages Same as for a regular limited liability company Members must all belong to the same profession Limited Liability Partnership Mostly of interest to partners in old line professions such as law, medicine and accounting Owners (partners) aren't personally liable for the malpractice of other partners Owners report their share of profit or loss on their personal tax returns Unlike a limited liability company or a professional limited liability company, owners (partners) remain personally liable for many types of obligations owed to business creditors, lenders and landlords Not available in all states Often limited to a short list of professions
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Business Types When starting a business for the first time; a person has to ask itself a question about the businesses organizational form. Which type of business organization is right for me? There are three legal forms that business is conducted by: sole proprietorship, partnership and corporation...	3 / 608
Business Venture Capital Buying an existing business can be an excellent way to become a business owner or to expand your present business. You can save time and effort of building a customer and supplier base...	2 / 336
stock exchange Type of Entity Main Advantages Main Drawbacks Sole Proprietorship Simple and inexpensive to create and operate Owner reports profit or loss on his or her personal tax return Owner personally liable for business debts General Partnership Simple and inexpensive to create and operate Owners (partners) report their share of profit or loss on their personal tax returns Owners (partners) personally liable for business debts Limited Partnership Limited partners have limited personal liability for business debts as long as they don't participate in management General partners can raise cash without involving outside investors in management of business General partners personally liable for business debts More expensive to create than general partnership Suitable mainly for companies that invest in real estate Regular Corporation Owners have limited personal liability for business debts Fringe benefits can be deducted as business expense Owners can split corporate profit among owners and corporation, paying lower overall tax rate More expensive to create than partnership or sole proprietorship Paperwork can seem burdensome to some owners Separate taxable entity S Corporation Owners have limited personal liability for business debts Owners report their share of corporate profit or loss on their personal tax returns Owners can use corporate loss to offset income from other sources More expensive to create than partnership or sole proprietorship More paperwork than for a limited liability company which offers similar advantages Income must be allocated to owners according to their ownership interests Fringe benefits limited for owners who own more than 2% of shares Professional Corporation Owners have no personal liability for malpractice of other owners More expensive to create than partnership or sole proprietorship Paperwork can seem burdensome to some owners All owners must belong to the same profession Nonprofit Corporation Corporation doesn't pay income taxes Contributions to charitable corporation are tax-deductible Fringe benefits can be deducted as business expense Full tax advantages available only to groups organized for charitable, scientific, educational, literary or religious purposes Property transferred to corporation stays there; if corporation ends, property must go to another nonprofit Limited Liability Company Owners have limited personal liability for business debts even if they participate in management Profit and loss can be allocated differently than ownership interests IRS rules now allow LLCs to choose between being taxed as partnership or corporation More expensive to create than partnership or sole proprietorship State laws for creating LLCs may not reflect latest federal tax changes Professional Limited Liability Company Same advantages as a regular limited liability company Gives state licensed professionals a way to enjoy those advantages Same as for a regular limited liability company Members must all belong to the same profession Limited Liability Partnership Mostly of interest to partners in old line professions such as law, medicine and accounting Owners (partners) aren't personally liable for the malpractice of other partners Owners report their share of profit or loss on their personal tax returns Unlike a limited liability company or a professional limited liability company, owners (partners) remain personally liable for many types of obligations owed to business creditors, lenders and landlords Not available in all states Often limited to a short list of professions	2 / 520
Types of Business Ownership The advantages of a sole proprietorship include: a. Low start up costs, as legal and filing fees are at a minimum. However, many states and cities require a filing with county clerk...	4 / 1017
Utah Business Entity Regulations 2008 Business Entity Regulations Business activity may be conducted through a variety of organizational structures or entities. Whichever business structure is selected will determine the legal requirements or regulations with which the business owner is required to comply...	4 / 881
Which Form Of Ownership Is For You The most basic form of ownership is the sole proprietorship, a business own and managed by one person. This kind of business is easier of starting and ending, you also get to be your own boss; you get to retain all company profit and to have full control of your business...	2 / 438
Limited Liability With more businesses opening up everyday, concerns regarding business and personal liability have heightened. This paper will discuss the roles of the limited liability partnership as well as the corporation...	3 / 732