06/09/2026
The most common are:
Sole proprietorship: An unincorporated business owned by an individual. There’s no distinction between the taxpayer and their business.
Partnership: An unincorporated business with ownership shared between two or more people.
Corporation: Also known as a C corporation. It’s a separate entity owned by shareholders.
S corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
Limited liability company: A business structure allowed by state statute.