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- Members who work for an LLC are considered self employed, so they get taxed as a self employed person.
- You cannot pay yourself your wages.

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- Choose to get taxed like a Sole Proprietorship, Partnership, S Corporation or C Corporation.
- You have limited liability.

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LLC's are the newest form of business ownership, that are a mix between a C Corporation and a partnership. Given the name, the corporation is a limited liability. LLC's are similar to S Corporations but do not have a limitation of 100 shareholders. Some examples of LLC's are Sony and Nike.

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- Fringe benefits are not deducted like they are in C Corporations.
- Shareholders are required to pay more income tax on their share if the S Corporation is gaining profit.

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- You get taxed the same way as a partnership.
- Helps to offset the income of the specific owners of the corporation.

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An S Corporation is similar to most other types of ownerships but it's allowed to be taxed how a partnership is taxed (informational tax return with the IRS). It initially is only a choice when discussing taxes. It can become a C Corporation again when financial advisers recommend to do so. Some S corporations are Jacks Inc. and Widgets Inc.

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- There is an increased amount of paperwork.
- Shareholders must pay taxes.

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- Personal assets are not taken if the business is in debt.
- Lawsuits are against the company, not the personal owners.

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A corporation is created and operated, but with the permission of the state in which it is located. Articles of incorporation need to be filled out in order to create the corporation. The corporation is required to have at least one stockholder but some states will require more than 1. If the company has debt, owners are not liable and they do not have to give up their personal assets in order to pay company obligations. An example of a corporation is Walmart or Apple.

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- A Partner can be held liable for another partner in legal action.
- The owners get sued instead of the business.

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- Fewer tax forms than other forms of ownerships.
- More or less easy to form and operate

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A partnership business has two or more owners of the establishment. A partnership does not pay income tax but instead pays an informational tax return that gets sent directly to the IRS. Similar to sole proprietorship, if the business is sued, the owners are getting sued. A partner of the business can be help accountable for another partner's actions. An example of a partnership is my parents' business, Fix N' Flip, a home renovation business. (An image of a renovation made recently by them is to the right.) Another example is Spotify.

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- If the business gets sued, the owner is technically the person being sued.
- Personal assets of the owner can be taken to pay company obligations.

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- It's easy to form and operate.
- When the business gains profit, the income of the owner increases as well.

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A proprietorship is a business with one owner and is known as the most common type of business. No legal documents need to be filled out most of the time, a sole proprietorship usually only needs a business license and can immediately start operating. If somebody is to sue the business, they'd technically be suing the owner. An example of a sole proprietorship is a freelance writer or the woman who does my eyebrows.