This appendix is intended as a brief description of the three major forms of legal business structures available to business (sole proprietorship, partnership, and corporation), along with a description of the most recent legal structure (the limited liability company or LLC). You are encouraged to consult the U.S. Small Business Administration (SBA) website for more detailed descriptions of the various structures and legal requirements (including taxation).1 Although descriptions are provided and comparisons of structures are made, the materials presented here are for your preliminary consideration only, as the author is not a legal professional. You are encouraged to consult your legal advisor for a more ...
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