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Characteristics Sole Proprietorship General Partnership Limited Liability Company S-Corporation Corporation
Formation No permission required Agreement of parties involved. No permission required File with state for permission File with state for permission File with state for permission
Duration Dependent on sole proprietor Dissolved by death of partner or bankruptcy Typically perpetual Perpetual Perpetual
Liability Sole proprietor has unlimited liability Partners have unlimited liability Members not personally liable for the debts of the corporation if the LLC properly structured Shareholders are not personably liable for the debts of the corporation Shareholders are not personably liable for the debts of the corporation
Simplicity of Operation Relatively few legal requirements Relatively few legal requirements Some formal requirements but less formal than corporations Formality of board of directors, officers, annual meetings and annual reporting Formality of board of directors, officers, annual meetings and annual reporting
Management Full control of management and operations Typically each partner has an equal voice unless otherwise arranged Members have operating agreement that outlines management The corporation is managed by the board of directors who are elected by the shareholders The corporation is managed by the board of directors who are elected by the shareholders
Taxation No taxable entity. Sole proprietor pay all taxes Each partner pays tax on his/her share of the income and can deduct losses against other sources of income If properly structured there is no tax at the entity level. Income/loss is passed through to members of the LLC No tax at entity level. Income/loss is passed through to the shareholders Corporation is a taxable entity
Cost of Creation None None Filing fee with the state Filing fee with the state Filing fee with the state
Raising Capital Difficult, unless individual puts in money Contributions from partners or an addition of more partners Possible to sell interests. Subject to operating agreement restrictions Sell shares of stock to raise capital Sell shares of stock to raise capital
Transferability of Interest No No Possibly Yes, subject to consent Shares of stock are in a corporation are easily transferable

Business entities do generally require registered agent service (also known as resident agent service) which InCorp can provide in all 50 states and DC.

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