If an individual whishes to begin a business of their
own there are several alternatives available to them.
The first would be a proprietorship where the individual
would operate their business in their own name using their own Social
Security number.
Another option is a corportation. A corporation is
a separate legal entity established to operate the businss. A corporation
provides increaded benefit options for the owner and limited liability
as long as the basic formalities of a corporation are maintained.
A Limited Liability Comapny is an entity that provides
the benefits of a corporation, yet is taxed as a partnership and
avoids the double taxation issues, which affect most corportations.
If you have rental income or passive investment issues
and want to provide asset protection, you could also utilize a Family
Limited Partnership.
