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This article explores the fundamental types of business structures, including sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each structure's benefits and drawbacks are discussed, helping entrepreneurs choose the best option for their needs. We highlight key considerations such as taxation, liability, and management, alongside tips on transitioning between structures as businesses grow. By understanding these basics, business owners can make informed decisions that align with their goals and legal requirements.
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1. Basic Business Structures