Structuring a business

There are four ways of structuring (or organizing) a business, a sole proprietorship, partnership,corporation, or limited liability company (LLC). Find out which one is right for you.

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Illinois Business Structure

(http://champaign.org/structuring_a_business/illinois_business)

There are several ways to organize businesses in Illinois. They are Sole Proprietorships, General and Limited Partnerships, Limited Liability Partnerships (LLP), Limited Liability Companies (LLC), “S“ Corporations and “C” Corporations.

Sole Proprietorship & General Partnership

(http://champaign.org/structuring_a_business/proprietorship_partnership)

Find out details about sole proprietorship and general partnership requirements in Illinois.

Limited Partnership

(http://champaign.org/structuring_a_business/limited_partnership)

A Limited Partnership is an organization made up of a general partner, who manages a project, and limited partners, who invest money, but have limited liability and are not involved in day-to-day management.

Limited Liability Company

(http://champaign.org/structuring_a_business/limited_liability_company)

A Limited Liability Company (LLC) is the non-corporate form of doing business that provides its owners with limited liability, flow-through tax treatment and operating flexibility through participation in management of the business.

Limited Liability Partnership

(http://champaign.org/structuring_a_business/limited_liability_partnership)

Find out what forming a Limited Liability Partnership means in Illinois.

"C" Corporation

(http://champaign.org/structuring_a_business/c_business)

A corporation is a distinct legal entity and is the most complex form of organization.

"S" Corporation

(http://champaign.org/structuring_a_business/scorporation)

Electing S Corporation status is an option that must be made through the Internal Revenue Service (IRS) when starting a business.