Starting a business requires many decision makings, and at an early stage Freshpreneurs need to indicate the type of entity they would like to set up. It is critical to spend time learning about the different business structures that are available.
There are five main options available, with a few having sub-categories:
- Sole Proprietorship
- Partnerships
- Corporations
- S Corporations
- Limited Liability
Each structure has its own advantages and disadvantages. The following links will provide you with information about each option, and the tax forms that needed to be completed for the IRS.
Types of Business Entities, Benefits and Drawbacks of Different Types of Business Entities, IRS
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