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Business Structures - IRS Web site

When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute.  Legal and tax considerations enter into selecting a business structure.

Many factors must be considered when choosing the best form of business ownership or structure. The choice you make can have an impact on multiple aspects of your business, including taxes, liability, ownership succession, and others. 

• Forms Of Ownership

The pros and cons of different types of ownership, including sole proprietorship, partnering, corporations, and limited liability companies.

• Basic Structures  

Brief descriptions of common business ownership structures.

• Special Structures  

Some structures are only available in some states.

• Business Structures  

If one of your employees causes an accident, can an injured person sue you and take your house, car, or savings account? Are you paying more taxes than you should on your business income? These are important questions that many small business owners ignore, yet the answers depend on the business' legal structure.