Not a separate business entity for federal tax purposes. Generally, income is reported on the individual owner's federal income tax return and is subject to the income tax rates applied to individual taxpayers.
Partnership (General or Limited)
A separate entity for federal tax purposes.
Limited Liability Company ("LLC")
A hybrid entity created by state law that may combine the liability protection of a corporation with the federal tax benefits of a partnership.
A type of corporation where shareholders elect to have corporate level income treated as directly received by shareholders.
A type of corporation that is separate and distinct from its owners. "C" corporations may be subject to double taxation.