Ltd, Lpp, Inc, etc.

[gryph]

Does anybody have a link to a site that explains all the types of businesses (ltd, inc, ent, etc.) in simple terms such that a beginner like myself can understand?

Thanks.

[Steve White]

http://www.tutor2u.net/economics/gcs..._ownership.htm

There is a good one, especially if you are based in the UK

[gryph]

Awesome page there, thanks Steve! I'm in the U.S. though, but it doesn't seem to matter much.

Another related question... Are there any differences between the different kinds of businesses as far as taxt is concerned?

[MsNadi]

Check out www.nolo.com

The biggest differences between them all are:
a) how ownership is set up (single individual, partners, stock holders)
b) taxation (single taxation vs double taxation) and
c) liability shields/protection.

Incorporation (various levels) are especially important if you're distributing shares of stock (i.e. if you've received Venture/Angel/outside funding).

Check out www.nolo.com and www.about.com

[cgleason]

Right now I am the owner of a sole proprietorship, and a co-founder of an L.L.C. Both can be documented the same when it comes tax time. The major (and very important) difference is that an L.L.C is a separate entity. So if some idiot hooks up our amplifier backwards and sets his car on fire he can sue the "company" but not me personally

[Steve White]

I personally am not sure of the tax in the USA, so you'd have to most probably research that yourself, or take the advice of some of the other members here