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A principal consideration for any business, whether new or existing, is choosing an appropriate legal entity. Available options in most states include C corporations, S corporations, general and limited partnerships, limited liability companies (LLCs), limited liability...

As sole proprietors, business owners enjoy the advantage of simplified income tax reporting via the use of Schedule C (“Profit or Loss From Business”) within their Form 1040 (“U.S. Individual Income Tax Return”). However, sole proprietorship status can expose a business owner’s...