SELECT BUSINESS TYPE
INDIVIDUAL - A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity.
PARTNERSHIP - A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships.
CORPORATION - A type of business structure and legal entity that is declared separate from its owners and shareholders. Corporations enjoy similar rights to a person, such as entering into contracts, owning assets, loaning money and hiring. It has these capabilities without the risk of being personally liable for business debts or legal obligations (in most cases).