How Should I Organize My Business?. The 5 types:. Sole Proprietorship General Partnership “C” Corporation “S” Corporation Limited Liability Company. Sole Proprietorship.
Share the rewards
Legally responsible for your partners activities
Can be sued if customer is hurt!
Much more paperwork.
You’re taxed twice, as a person and as a corporation.
Owner receives a salary and so is taxed.
Must keep minutes of meetings.
Elect board, etc.
Lots of extra fees.