| Understanding Ownership
There are four types of business entities most commonly used to
operate a business.
|
Type
|
Report
|
| 1. Sole Proprietorship |
Schedule C
|
2. Partnership
|
General
Limited
|
| 3. Corporation |
"C" Type
"S" Type
|
| 4. Limited Liability |
Company {LLC}
Partnership {LLP}
|
In all cases, business owners must apply for a federal employment
identification number by completing Form SS-4 with the Internal
Revenue Service, with a few exceptions.
For more information, please consult an attorney or financial advisor.
|
