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Limited Partnerships (LP)
If a partnership has both general partners and limited partners, it is sometimes termed a "limited partnership." A limited partnership is an entity distinct from its partners. As with a "partnership," the general partners deal with the day-to-day operations of the partnership and they have liability for debts and for actions of the partners. Limited partners do not participate in day-to-day operations of the partnership and they bear no liability for debts or actions of the partnership
Subchapter-S Corporations (S-Corporations)
A subchapter-s corporation (or s-corp) is a corporation which has the benefits of limited liability of a corporation but which is taxed as a partnership, with the income or losses flowing through to the individual shareholders
Sole Proprietorships
A sole proprietorship is a business operated by one individual; the business is considered part of the individual, not a separate entity. The business profits and losses are included on the individual's personal tax return, and the individual retains personal liability for the business debts and lawsuits
Partnerships
A partnership is a business entity with individuals who share the risk and benefits of business. A partnership may include general partners, who bear the liability for partnership debts and for actions of the partnership. It may also include limited partners who are merely investors and who do not share in the day-to-day operations of the business and who do not share in liability
