Please use the menu below to select up to four business types to compare.
Sole Proprietorship
Limited Liability Company
C Corporation
S Corporation
General Partnership
Limited Partnership
Limited Liability Partnership
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Articles of organization must be filed and necessary filing fees paid
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Articles of incorporation must be filed and necessary filing fees paid
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Articles of incorporation must be filed and necessary filing fees paid
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Formation documents must be filed and necessary filing fees paid
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Formation documents must be filed and necessary filing fees paid
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Varies by state, but typically an annual report and/or franchise tax is due every year.
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Varies by state, but typically an annual report and/or franchise tax is due every year.
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Varies by state, but typically an annual report and/or franchise tax is due every year.
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Varies by state, but typically an annual report and/or franchise tax is due every year.
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Varies by state, but typically an annual report and/or franchise tax is due every year.
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
- Adopt and maintain bylaws
- Hold and document initial and annual meetings of directors and shareholders
- Issue stock
- Record stock transfers
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
- Adopt and maintain bylaws
- Hold and document initial and annual meetings of directors and shareholders
- Issue stock
- Record stock transfers
Owner has full control of management and operations
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
- LLCs have an operating agreement that outlines the management
- Can be member-managed or manager-managed
- Directors, who are elected by shareholders, make major business decisions
- Directors appoint officers, who oversee day-to-day operations
- Directors, who are elected by shareholders, make major business decisions
- Directors appoint officers, who oversee day-to-day operations
Owner has full control of management and operations
- General partners are responsible for management
- Limited partners excluded from management unless on board of directors
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
- All partners have the right to manage directly
- Management outlined in the partnership/operating agreement
Owner has unlimited liability
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Owners typically are not personally responsible for business debts and liabilities
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Owners typically are not personally responsible for business debts and liabilities
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Owners typically are not personally responsible for business debts and liabilities
Owners have unlimited liability
Maybe
At least one general partner has unlimited liability
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Owners typically are not personally responsible for business debts and liabilities
Dissolves if owner ceases doing business or dies
Maybe
Dependent on requirements of state of incorporation
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Dissolves upon withdrawal or death of an owner, unless safeguards specified in partnership agreement
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Maybe
Dependent on requirements of state of incorporation
Often difficult unless owner contributes funds
Maybe
Possible to sell interests, but subject to operating agreement restrictions
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Shares of stock can be sold to raise capital
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Shares of stock can be sold to raise capital
Contributions can be made from partners and/or more partners can be added
Contributions can be made from partners and/or more partners can be added
Contributions can be made from partners and/or more partners can be added
No
Maybe
Dependent on operating agreement restrictions
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Shares of stock are easily sold to add new owners or change an existing owner's percent of ownership
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Shares of stock are easily sold to add new owners or change an existing owner's percent of ownership, as long as IRS restrictions on ownership are met
No
Maybe
Pending approval of other limited and general partners
Maybe
Dependent on partnership/operating agreement restrictions
Maybe
LLCs may elect to be taxed like corporations, and in doing so must pay taxes at the business level on the LLC's income
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
C corporations pay taxes on corporate income
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Profits/losses are reported on the owner's personal tax return and any tax due is paid by the owner at the individual tax level
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Typically profits/losses are reported on the owners' personal tax return and any tax due is paid by the owners at the individual tax level
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Profits/losses are reported on the owners' personal tax returns and any tax due is paid by the owners at the individual tax level
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Profits/losses are reported on the owners' personal tax returns and any tax due is paid by the owners at the individual tax level
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Profits/losses are reported on the owners' personal tax returns and any tax due is paid by the owner at the individual tax level
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Profits/losses are reported on the owners' personal tax return and any tax due is paid by the owners at the individual tax level
![Yes](https://www.bizfilings.com/legacy/images/check_yes.png)
Corporate income is taxed first at the business level and again at the individual level if distributed to owners in the form of dividends
Follow BizFilings