The following discussion is intended solely for general informational purposes and is predicated primarily upon Illinois and Federal law. Readers are instructed to consult competent legal professionals and your own tax advisers before deciding the correct entity for your business.
Whenever an individual or group of individuals considers opening a business, a decision is needed as to what type of entity the business should assume. This decision depends upon state laws, the number of individuals beginning the business, and the type of business that is going to be conducted. The most common choices of entities are:
- Sole Proprietorship
- Limited Liability Company (LLC) or
- Limited Liability Partnership (LLP)
Click on one of the selections listed above for more information about a specific type of business entity.