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A Sole Proprietorship is the only kind of business that’s exempt from state filing requirements. Entrepreneurs and independent contractors are the main users of this popular business entity.
The most popular business structure in the U.S. is an LLC, which has tax benefits, flexibility, and limited liability protection.
The total of all assets left by a deceased person is known as their Estate. This covers items such as real estate, automobiles, and valuables. Estates are managed by Executors, Administrators or Personal Representatives.
Charities who want to help the public rather than make money utilize this entity type to devote their earnings to a certain cause or objective. Non-Profits can be exempt from taxation.
An agreement between two or more people to start and run a business is called a Partnership. Partnerships come in a wide range of forms and operate in different ways.
A type of legal entity where a person can deposit their assets to be subsequently distributed to beneficiaries is known as a Trust.
A S-Corporation gets its name from the tax code's Subsection S. In addition to having all the characteristics of a Corporation, it is a pass-through company for taxation purposes.
A Corporation is well-liked because it protects against liability and keeps the business and its owner independent from taxes.
A type of Non-Profit Organization dedicated only to religious institutions. Additionally, although being referred to as a "Church Organization," it includes places of worship like synagogues, mosques, and temples.