Tiles: sole; proprietorship; partnership; corporation; limited liability corporation

questions: the business owners’ personal assets are protected from liabilities, but the business is not a separate tax entity.; a single individual is personally responsible for all liabilities incurred by the business.; one business owner may contribute less time and effort than the other, leading to disputes and bitterness.; the business structure is strictly regulated by the government, requires an overwhelming amount of paperwork, and involves high start-up costs.

The business owners’ personal assets are protected from liabilities, but the business is not a separate tax entity Limited liability corporation.

Limited liability corporation is not considered separate from its owners for tax purposes.

A single individual is personally responsible for all liabilities incurred by the business Sole Proprietorship.

The business is owned and run by one person, and owner and business are considered as a same entity.

One business owner may contribute less time and effort than the other, leading to disputes and bitterness Partnership.

The business is owned and run by more the one person which means there is more than one owner.

The business structure is strictly regulated by the government, requires an overwhelming amount of paperwork, and involves high start-up costs Corporation.

A corporation is a legal entity that is separate and distinct from its owners.