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Chart Business Structure
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Liability |
Owner has unlimited liability. |
Members are not normally liable for the debts of the LLC. | Shareholders are not normally liable for the debts of the corporation. | Shareholders are not normally liable for the debts of the corporation. |
| Ownership |
Individual |
Members /Owners (may have unlimited number of members). |
Shareholders |
Shareholders (may have unlimited number of shareholders). |
| Owners do not need to be U.S. citizen or U.S. resident | No (neither) |
No (neither) |
Must be owned by U.S. citizen (only). |
No |
| Owners have limited liability for business debts and obligations | No | Yes | Yes | Yes |
| Owners can report business profits and losses on their personal tax returns | Yes | Yes | Yes | No |
| Management | Sole Proprietor has complete control of management and operations. | Members have an operating agreement outlines management. | Shareholders elect directors to manage. By-Law Agreements can outline directors management. |
Shareholders elect directors to manage. By-Law Agreements can outline directors management. |
| Formalities and record keeping requirements |
None required. | Annual state report, Bi-Annual reports. (depends on your State). |
Formal board and shareholders meeting with recorded minutes. Annual state report. | Formal board and shareholders meeting with recorded minutes. Annual state report. |
| Operation Requirements |
Very few legal requirements. | Some formal requirements but is less formal than corporations. | Annual meetings and reporting required by Board of Directors. | Annual meetings and reporting required by Board of Directors. |
| Taxation | Sole Proprietor pays all taxes (Not a taxable entity). |
If properly structured there is "no tax" at the entity level. Income/loss is passed through to members. | No tax at the entity level. Income/loss is passed through to the shareholders. | Taxed at the entity level. If dividends are distributed to shareholders, dividends are also taxed at the individual level. |
| Double Taxation |
None |
None | None | Yes, if income is distributed to shareholders in the form of dividends. |
| Formation | No state filing required. | State filing required. | State filing required. | State filing required. |
| Cost of Creation | No State filing fee required. | State filing fee required. | State filing fee required. | State filing fee required. |
| Business duration can be perpetual ................................ |
Dissolved if entity ceases doing business or upon the death of the sole proprietor. | Yes | Yes | Yes |
Incorporation Specialists are available to answer your questions and help you form a LLC or Incorporate your business.
Call (317) 690-2997 or Email us today!
Mon. - Fri. 9 am - 8 pm
Sat. 11 am - 4:30 pm (EST)
How to Incorporate - Common Entities - Compare Business Structures
Do you have questions on how to incorporate, form an LLC or form a corporation? The quick chart provides an at-a-glance reference to how the most common business entity types compare in a number of key characteristics. BizCorpUSA.com can help you form a new corporation or Limited Liability Company, LLC, in any state. Click on the Business Structure title for more details. Please review our Business Comparison Chart below for the advantages of forming a C Corporation, Subchapter S Corporation, Limited Liability Company, LLC or Nonprofit Corporation. Get started today, forming your Business Incorporation or LLC.
Get started today!
Still have Questions?
Incorporation Specialists are available to answer your questions and help you form your Business Structure.
Call (317) 690-2997 or Email us today!
Mon. - Fri. 9 am - 8 pm
Sat. 11 am - 4:30 pm (EST)
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