Sole proprietorship – You get all the profits of the business, but also all its expenses, debts and risk. Partnership – Share ownership with one or more people. LLC – Protects members from personal liability. All profits flow to personal income and is subject to self-employment taxes. S-Corp- Special type of corporation that allows for profits and losses to pass through to the shareholders Corporation-offer the greatest protection from personal liability, they’re also generally more expensive to establish.
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