{"id":2382,"date":"2020-06-05T10:19:57","date_gmt":"2020-06-05T15:19:57","guid":{"rendered":"https:\/\/www.sevenworldinc.com\/?p=2382"},"modified":"2020-06-05T10:19:57","modified_gmt":"2020-06-05T15:19:57","slug":"types-of-entity","status":"publish","type":"post","link":"https:\/\/sevenworldinc.com\/my-account\/2020\/06\/05\/types-of-entity\/","title":{"rendered":"Types of Entity"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Limited Liability Companies (LLCs)<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Independent legal structures separate from their owners.<\/li><li>Help separate your personal assets from your business debts.<\/li><li>Taxed similarly to a sole proprietorship (if one owner) or a partnership (if multiple owners).<\/li><li>No limit to the number of owners.<\/li><li>Not required to hold annual meetings or record minutes.<\/li><li>Governed by operating agreements.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">C Corporations<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Independent legal and tax structures separate from their owners.<\/li><li>Help separate your personal assets from your business debts.<\/li><li>No limit to the number of shareholders.<\/li><li>Taxed on corporate profits and shareholder dividends.<\/li><li>Must hold annual meetings and record meeting minutes.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">S Corporations<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Independent legal and tax structures separate from their owners.<\/li><li>Help separate your personal assets from your business debts.<\/li><li>Owners report their share of profit and loss in the company on their personal tax returns.<\/li><li>Limits on number of shareholders, who must be U.S. citizens or residents.<\/li><li>Must hold annual meetings and record meeting minutes.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Partnerships<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Partners remain personally liable for lawsuits filed against the business.<\/li><li>Usually no state filing required to form a partnership.<\/li><li>Easy to form and operate.<\/li><li>Owners report their share of profit and loss in the company on their personal tax returns.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Sole Proprietorships<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Owner remains personally liable for lawsuits filed against the business.<\/li><li>No state filing required to form a sole proprietorship.<\/li><li>Easy to form and operate.<\/li><li>Owner reports business profit and loss on their personal tax return.<\/li><\/ul>\n\n\n\n<p>Provided by <a href=\"https:\/\/www.incorporate.com\/starting-a-business\/business-structures\/\" target=\"_blank\" rel=\"noreferrer noopener\">Incorporate.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Limited Liability Companies (LLCs) Independent legal structures separate from their owners. Help separate your personal assets from your business debts. Taxed similarly to a sole proprietorship (if one owner) or a partnership (if multiple owners). No limit to the number of owners. Not required to hold annual meetings or record minutes. Governed by operating agreements. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62],"tags":[],"class_list":["post-2382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-business-understanding"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sevenworldinc.com\/wp-content\/uploads\/2020\/06\/Business-Entities-1200x600-1.jpeg?fit=1200%2C600&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/posts\/2382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/comments?post=2382"}],"version-history":[{"count":0,"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/posts\/2382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/media\/2388"}],"wp:attachment":[{"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/media?parent=2382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/categories?post=2382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sevenworldinc.com\/my-account\/wp-json\/wp\/v2\/tags?post=2382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}