Limited Liability Company [LLC] [LLC]
A limited liability company (LLC) is a business structure that combines the pass-through taxation of a partnership with the limited liability of a corporation.
Limited Partnership [LP] [LP]
A limited partnership is a partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the partnership, and one or more limited partners, who have limited liability but cannot participate in management.
Pass-through (or “flow thru”) taxation exists when owners of applicable types of business entities pay taxes on the business profits in their personal tax return forms.
C Corporation [C CORP] [C-Corp]
The most common form of corporation; C Corporations (or C-Corps) are subject to tax at the corporate level.