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SOLE
A sole proprietor is one individual who owns a company that is not incorporated or registered with the state as a limited liability company (LLC). Sole proprietors may or may not have employees.

In a sole proprietorship:
  • The business does not exist separately from the owner.
  • The risks of business apply to the individual's personal assets, including those not used for the business.
  • The sole proprietor reports business income on his or her individual tax return.
PARTNERSHIP
​An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits. However, a joint undertaking merely to share expenses is not a partnership. For example, co-ownership of property maintained and rented or leased is not a partnership unless the co-owners provide services to the tenants.
  • Partners can be individuals, corporations, trusts, estates, and other partnerships.
  • Each partner contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
  • A partnership does not pay tax on its income, but "passes through" any profits or losses to its partners. Partners must include partnership items on their tax returns.

Two common forms of partnerships are general partnership and limited partnership.
CORPORATION
​A corporation is a legal entity established by a charter granting it certain legal powers, rights, privileges, and liabilities. A corporation can be established by a person or group of people with a charter from the state's secretary of state. After a corporation is created, it becomes its own entity and generally has an indefinite lifespan.
​LLC
​A limited liability company (LLC) is a structure allowed by state statute. An LLC is formed by filing articles of organization with the individual state's secretary of state. Owners of an LLC are called members. Members may include individuals, corporations, other LLCs, and foreign entities. An LLC can be formed by one or more members, and there is no maximum number of members.

There can be no more than one active LLC with the same name in the same state.

For federal tax purposes, an LLC may be treated as a partnership or a corporation, or be disregarded as an entity separate from its owner.

An LLC can also be organized as a professional limited liability company (PLLC) or a limited company (LC).
​ESTATE
​An estate (or decedent estate) or succession is a legal entity created as a result of a person's death. The estate consists of the real estate and/or personal property of the deceased person. The estate pays any debts owed by the decedent, and distributes the balance of the estate's assets to the beneficiaries of the estate.
TRUSTS
​A trust is a legal entity that is created under state law and is taxed under federal law. The trust can be created to perform one act or a series of acts.
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