Limited Liability Company (LLC)
A Limited Liability Company (LLC) is its own entity, responsible for its own debts and liabilities. This structure protects the personal assets of the owners, which are referred to as members. This is the most popular business structure we file because of its versatility and ease of long term filing requirements
With a Sole Proprietorship or General Partnership, an individual (or number of individuals) operate a business, generally under a trade name, for which they are totally responsible. There is no difference between the individual(s) and the business.
Also referred to as DBA, Fictitious Name, Assumed Business Name. This is simply a name for the business that is different than the legal name of the entity.
A Corporation is a business structure that requires shareholders, officers and directors. There are certain tax advantages to a corporation if the profit of the corporation is held by the corporation and not paid out is income to the shareholders. This structure is generally used by business that have large sales volumes and hold a large number of assets. A business can be converted to corporation in the future if it grows to a point where it is appropriate.