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Definitions and Differences between a Sole Proprietorship, Partnership, Corporation and Limited Liability Company (LLC)
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After the corporation has been formed, it may elect “S Corporation Status” by submitting IRS form 2553 to the Internal Revenue Service. Once this filing is complete, the corporation is taxed similarly to a sole proprietorship or partnership rather than as a separate entity.
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This is a simplified explanation of how incorporating protects you against personal liability. There are rules you must follow in how you set up and run your corporation to prevent a potential plaintiff from reaching through the corporation to attach your personal assets.
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