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When creating a business, the first questions that are asked are, "How do I start my business? What type of business should I start: a corporation, a partnership, or a LLC?"
Other questions that are frequently asked involve, "How do I raise capital or borrow money for my new business?"
At the Law Office of Darrell C. Dethlefs, we can provide you with practical answers to these and other questions in creating your business organization. We will then represent you in the daily activities of your business. If you have business organization questions, please contact us at dcdlaw.net or ddethlefs@aol.com .
Sole Proprietor A sole proprietor is an individual who owns all the assets of the business. The owner is usually the only person who operates the business.
Corporation Corporations are created by law. A corporation conducts business, enters into contracts, incurs liability and acquires assets in its own name, not in the name of its owners.
Owner Incorporation An owner of a business creates a corporation to conduct business.
"C" Corporation A "C" Corporation is a corporation that is taxed under Subchapter C of the Internal Revenue Code. The corporation is taxed for its income and/or losses.
"S" Corporation An "S" Corporation is initially formed under state law as a "C" Corporation. The business then elects to be treated as an "S" Corporation for federal income tax purposes. An "S" Corporation is not taxed as a separate taxable entity. All income and/or losses must be reported on the shareholders income tax returns.
Limited Liability Corporation A Limited Liability Corporation is a hybrid business form that combines characteristics of the Limited Partnership and the Corporation.
Limited Liability Partnership A Limited Liability Partnership is a general partnership in all respects except for the following: who can be partners, how the partnership is formed, how it is managed and controlled, and the partners' liability.
General Partnership A General Partnership is two or more persons who as co-owners carry on a business for profit.
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