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  1. #1
    Join Date
    Apr 2009
    Posts
    12

    Default Incorporating

    State of Alabama

    I am a one person business owner and will not have anyone work underme. I would like to incorporate my business. What is the differance between being an LLC, LLP, INC, SCORP, and CCORP?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Incorporating

    Google each type of business entity and you'll find a ton of information on each.

  3. #3
    Join Date
    Jul 2007
    Location
    Florida
    Posts
    2,344

    Default Re: Incorporating

    Most states have corporations, LLCs, and LLPs. If a business is a corporation then it is by default a "C" corporation, government by subchapter C of chapter 1 of the Internal Revenue Code. A corporation can elect Subchapter S treatment and be governed by that portion of the code. This is an election most small business corporations benefit from. An LLC, or "Limited Liability Company" is intended to provide the limited liability available to shareholders and officers of a corporation but in a simpler to administer entity. Which will serve your needs better from a legal standpoint may or may not be the same as which would serve your needs better from an income tax standpoint. For tax purposes, the LLC provides the greates flexibility in addition to ease of administration.

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