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aaq2 replied to the topic Types of Corporations in the forum Business 101 7 years, 5 months ago
I would take the LLC route:
LLCs protect its members from being held personally responsible for the actions of the LLC. The limited liability protects you from the personal risks involved if a lawsuit were to arise concerning your business thus safeguarding your personal assets.
LLCs are not required to keep extensive records and in some states they do not need to file annual reports.
LLCs do not have their own federal tax classification but the can adopt the tax status of S corp and Ccorp, partnerships or sole proprietorshipManagement flexibility: LCs do not have to use the formal structure that is used by the corporation. LLC owners have more choices about the way their company/business is run.
Flexible profit distribution: LLC do not have to have a fixed structure on how profits are distributed. The profits are not required to be distributed equally or according to ownership percentage