Business Entity Selection

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    Business owner has unlimited personal liability for the debts and obligations of the business
    By default is typically referred to as a "C-Corp"
    Earnings may be subject to "double taxation" at corporate and personal levels
    Income and expenses are reported as personal income and expense on Schedule S of federal and state tax returns
    Shareholders are not liable for corporation’s debts and obligations
    Formed by filing articles of incorporation with the Secretary of State and payment of filing fee
    Personal income taxes are paid for all net business profits
    No fees are associated with creation
    Adoption of bylaws
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    Formed as “for profit” corporations
    Offers limited liability and pass-through income tax treatment, but is run without the formalities of a corporation
    Not a formal business entity, but a relationship with varying degrees of formality
    Limit ownership to certain licensed professionals
    Every owner must be in the same profession as all other owners
    No formalities required, other than fee sharing agreements
    Only available to general partnerships engaged in law, public accountancy, architecture, engineering, and land surveying
    Partners are personally liable for obligations to business creditors, landlords and lenders
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