One of the most important decisions you’ll make when starting a business is choosing the right business entity. It’s a decision that impacts many things--from the amount of taxes you pay to howmuch paperwork you have to deal with and what type of personal liability you face. Forms of Business The most common forms of business are Sole Proprietorships, Partnerships, Limited Liability By Jim Fisher, CPA/PFS,CTC Choosing the Correct Business Entity Companies (LLC), and Corporations. Federal tax law also recognizes another business form called the S-Corporation. While state law controls the formation of your business, federal tax law controls how your business is taxed. What To Consider Businesses fall under one of two federal tax systems, and the first major consideration in choosing the form of doing business is whether
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