Entity Selection for Tax Purposes

Updated: Nov 25, 2018

Whether you already have a business, or you plan to start a new business, the process of choosing the "right" or "best" entity for your situation is one of the most important decisions that you need to make as part of your business startup or business operations tasks.


Below are the several type of entities for tax purposes that you can select from and their different legal and tax consequences that each entail.

  • Sole Proprietorship

Click here to be directed to more information provided by the IRS with regards to a Sole Proprietorship.

  • General Partnership

Click here to be directed to more information provided by the IRS with regards to a General Partnership.

  • Limited Partnership (LP)

Click here to be directed to more information provided by the IRS with regards to a Limited Partnership.

  • Limited Liability Partnership (LLP)

Click here to be directed to more information provided by the IRS with regards to a Limited Liability Partnership.

  • C Corporation

Click here to be directed to more information provided by the IRS with regards to a C Corporation.

  • S Corporation

Click here to be directed to more information provided by the IRS with regards to a S Corporation.

  • Limited Liability Company (LLC)

Click here to be directed to more information provided by the IRS with regards to a Limited Liability Company.



The U.S. Small Business Administration is another great resource for great information regarding business structures. You can check out their information here, Choose a business structure


In need of services? Contact us at (608) 468-6060 to talk to a member of our team of professionals about your accounting, payroll or tax preparation needs and how we can provide you with outstanding solutions and exceptional service.


Updated: November, 2018


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  • Ichiban Solutions & Consulting, Inc.
  • Ichiban Solutions & Consulting, Inc.
  • Ichiban Solutions & Consulting, Inc.