This ad will close in  Business Structure Basics   Excerpted
from Business Structures (Entrepreneur Press)  The most common
forms of business enterprises in use in the United States are
the sole proprietorship, general partnership, limited liability
company (LLC) and corporation. Each form has advantages and
disadvantages in complexity, ease of setup, cost, liability
protection, periodic reporting requirements, operating
complexity and taxation. Some business forms also have
subclasses, such as the C corporation, S corporation and
professional corporation. Choosing the right business form
requires a delicate balancing of competing considerations. Each
of these different business forms is briefly discussed [below].
The Sole Proprietorship The sole proprietorship is a business
owned and managed by one person and is the simplest business
form under which one can operate a business. The sole
proprietorship is not a legal entity. It simply refers to a
natural person who owns the business and is personally respons