In certain areas, limited partnerships are seen to combine the best parts of a partnership and a corporation. A major difference between a general partnership and a limited partnership is that a limited partnership has different rules regarding a limited partner?s management powers and personal liability...more
S corporations can be particularly favorable for start-up companies. If a business shows losses in some years, the owner may claim those losses in the current year of the loss on their personal tax return?...more
The sole proprietorship is the simplest form of business entity. Legally speaking, an owner of a proprietorship is inseparable from his company. There may only be one owner at a time of a sole proprietor business?...more
Generally speaking, a partnership is a sole proprietorship with one or more additional owners. In general partnerships, each owner shares management of the business and liability for the acts of the partnership?
Another possible tax advantage of corporations is that corporations can pay for employee benefits, such as health insurance, disability and up to $50,000 in life insurance on a tax-deductible basis?