A Business Entity is any form recognized by the statutes of your state for operating a business. A business can be a corporation, a partnership, a limited liability company or a sole proprietorship. A corporate entity is the most common form for most businesses and includes the c-corporation and the s-corporation. These forms of entity limit the liability of the owners and in some cases provide tax incentives. A limited liability company is a business entity that enjoys some of the benefits of a corporation but with fewer requirements for observing corporate formalities such as frequent shareholder’s meetings and recording of all minutes during meetings. A partnership is an entity that allows a business to operate even less formally, but that also provides fewer protections against personal liability for the partners than does a corporation or a limited liability company. A sole proprietorship is generally reserved for a single person, or perhaps a married couple or family, to operate a business entity. A skilled lawyer can counsel you on the right structure to meet your business needs.

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