Sole Proprietorship
A sole proprietorship is a simple business where one person owns and runs everything. The owner is responsible for all debts, but has a lot of control and doesn’t have to deal with a lot of rules.
Partnership
A partnership happens when two or more people start a business together. They share in the profits and losses, but also share the responsibility for debts. There are different kinds of partnerships, some give more protection than others. To expand your knowledge of the subject, visit this recommended external website. In it, you’ll find valuable information and additional details that will further enrich your reading experience, 免稅額 https://acaccountinghk.com/individual-tax/salaries-tax-filing-faq/.
Corporation
A corporation is a separate legal entity from the people who own it. This means that the owners have protection from the company’s debts and liabilities. Corporations are harder to run, but have tax advantages and can raise money by selling stock.
Limited Liability Company (LLC)
An LLC is a mix of a corporation and a partnership. It’s easy to set up, gives protection from debts, and has tax benefits. It’s a good choice for many small businesses.
Nonprofit Organization
Nonprofits work to help people or a cause without making money. They have special rules for taxes and a board of directors to make decisions. They are run like businesses, but with different rules.
Conclusion
It’s important to choose the right type of business for you. Each one has different rules for taxes, money, and protection. It’s best to talk to a legal and money pro to help you choose. Gain more knowledge about the subject on this external site we’ve chosen for you. 免稅額 https://acaccountinghk.com/individual-tax/salaries-tax-filing-faq/, keep advancing in your learning journey!
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