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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 (members). This is the most popular business structure because it provides the structural simplicity of a sole proprietorship or partnership with many of the protections of a corporation. An LLC also allows for varying tax strategies, although generally are taxed exactly like a sole proprietorship or partnership.

A Sole Proprietorship or General Partnership is a simple business structure owned and run by one or more individuals (respectively). It is not a legal entity, nor does it “create” a business or offer any protection for the personal assets of the owners. The owners are personally liable for all business debt (loans, lawsuits etc.).

A Corporation is a business structure that requires shareholders, officers and directors. This structure is generally used by business that have large sales volumes and hold a large number of assets.

A Non-Profit Corporation is an organization exempt from most, if not all state and federal taxes. Their purpose is generally something of intrinsic value or a service to the community. Such organizations must apply for and be approved for exempt status by the IRS and/or state. Examples include: Churches, missions, youth sports teams or leagues, homeowners associations and others.