Most state government web-sites will offer this information as well as www.irs.gov.
My two cents of limited understanding here:
LLC --> limited liability company, the company's liability is limited to it's assets. That is if the company is sued, the company is only liable up to the value of all it's assets. An LLC can have multiple owners but once it gets over a certain amount - it must incorporate (I think it is 10 but do not quote me on that).
S-corp --> a small number of owners of a corporation. These shares are limited to a small amount (I want to say 75 but do not quote me on that either). Corporations are also limited in liability to the amount of their assets.
C-corp --> a large number of owners in that corporation.
All three are much more safer than the "Sole proprietor," or the "partnership." The sole proprietors & all partners of a partnerships, very own private assets can be liquidated (sold off) to pay off any liability claims. That is if someone sues your business - depending on the claim - they could make you sell your private residence. Side note: 1 out of every 4 businesses get sued.
There are different tax advantages and strategies also associated with each business structure as well. If you start your own business at a minimum register as an LLC (a single owned LLC - the business income goes directly to your adjusted gross income without having to draw a salary - you still have to pay the plethora of other taxes but this does become a minimal time saver).
I hope this helps, God Bless, Ed R.
[Non-text portions of this message have been removed]
========================================================================
Groups related to entrepreneursathome
========================================================================
LifetimeKindredSpirits (138 common members)
Family & Home/Families: Lifetime Kindred Spirits is a place where homescho...
FlyLadyMentors (136 common members)
http://groups.yahoo.com/group/FlyLadyMentors?v=1&t=ipt&ch=email&pub=groups&slk=aftr1&sec=recg
Home and Garden/Homemaking: Are YOU living in CHAOS (Can't Have Anyone Over Sy...
eBay_Establishings (113 common members)
http://groups.yahoo.com/group/eBay_Establishings?v=1&t=ipt&ch=email&pub=groups&slk=aftr2&sec=recg
Business & Finance/Home Business: Have questions about selling on eBay? Want to hone...
PregnantCelebsGroup (97 common members)
http://groups.yahoo.com/group/PregnantCelebsGroup?v=1&t=ipt&ch=email&pub=groups&slk=aftr3&sec=recg
Family & Home/Families: :Welcome to Pregnant Celebs: Please feel free to a...
CREI-Alliance (70 common members)
http://groups.yahoo.com/group/CREI-Alliance?v=1&t=ipt&ch=email&pub=groups&slk=aftr4&sec=recg
Business & Finance/Property: Creative Real Estate Investors Alliance is the sin...
------------------------------------
Need help? Contact Vickie at vics4us@yahoo.com .
http://www.educatingforsuccess.com .
To subscribe: entrepreneursathome-subscribe@yahoogroups.comYahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/entrepreneursathome/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/entrepreneursathome/join
(Yahoo! ID required)
<*> To change settings via email:
mailto:entrepreneursathome-digest@yahoogroups.com
mailto:entrepreneursathome-fullfeatured@yahoogroups.com
<*> To unsubscribe from this group, send an email to:
entrepreneursathome-unsubscribe@yahoogroups.com
<*> Your use of Yahoo! Groups is subject to:
