# Business Type & Structure Explained

**Limited Liability Company (LLC)** is one of the most common business types, its owner(s), called Member(s), are not personally liable for the business's debts. The [IRS](https://www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-llc) issues an Employer Identification Number for this business type. 

{% hint style="info" %}
Example Business Name: **Business, LLC**.
{% endhint %}

**Private Corporations (INC)** are a separate legal entity, so owners (known as shareholders, directors, or officers) aren't personally liable for business debts. The IRS issues this entity an Employer Identification Number.

{% hint style="info" %}
Example: **Business, INC.**
{% endhint %}

**Sole Proprietorship** is the simplest business type to set up and owned by one person, and that individual is personally liable for the business debts and obligations.

{% hint style="info" %}
LLCs and Corporations can have **ONE OWNER**, but that does not make the entity type a sole proprietor for purposes of this application.
{% endhint %}

**Partnerships** are owned by two or more people whom may share liability personally (like a sole proprietorship), or partners may have limited liability. This includes general partnerships, limited partnerships (LP), and limited liability partnerships (LLP).

**Public-traded corporations** may sell shares of their business on the Stock Exchange but are subject to regulations and public reporting.

**Government** entities are local, state, and federal agencies such as schools or municipalities. 


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