There are 5 Different types of entities than can own a business.
- C Corporation
- S Corporation
- LLCs & LLPs
- General Partnerships
- Sole Proprietorships
For more information on the different types of entities click here
Incorporating your business into a Corporation or LLC has so many features
- Limit the Liability and Protect the Assets of Owners
- Increase Tax Savings
- Raise Capital
- Perpetual Existence
- Simple Estate and Family Planning
If you own a business as a Sole Proprietorship or General Partnership you have unlimited financial and legal liability. For example if your business gets sued your personal assets are not protected.