Incorporation is the process of creating a legal entity separate from its owners. This entity is known as a corporation or a company, and it is recognized as a legal person under the law. Incorporation is a popular choice for small business owners who want to protect their personal assets and limit their liability.
Definition and Types of Business Entities There are several types of business entities, including sole proprietorships, partnerships, LLCs, S corps, and C corps. A sole proprietorship is the simplest form of business entity, while a corporation is the most complex. A partnership is similar to a sole proprietorship, but it has more than one owner. An LLC is a hybrid between a corporation and a partnership, while an S corp and a C corp are both types of corporations. Read More...
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