class+notes+2

Type of Businesses

- LLC

Advantages


 * Afforded limited liability(only partially responsible if something happens)
 * Offer benifitual tax statis

Disadvantages
 * Earnings are generally subject to self employment tax

-C Corp

Advantages


 * Share ownership
 * Utilize corporatee benefit health plans
 * Easier to raise capital as a corporation

Disadvantages
 * Double taxation
 * Cost more to start

-General Partnership

Advantages


 * Shared finicial commitment
 * Ability to pool resources
 * Limited Start up costs
 * Few formalities

Disadvantages


 * Difficult to attract investors
 * Liable for business debt