Types of Taxable Entities

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Not all entities are considered taxable. Learn about types of taxable entities with help from a business and finance professional in this free video clip.

Part of the Video Series: Business Tips & Insurance Info
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Video Transcript

Hi, I'm Ernie Bray, I'm going to talk with you briefly about the different types of taxable entities. There's generally five types, the first is a sole proprietorship. Then, you have a general partnership, followed by an LLC, an S-Corp and a C-Corp. Now, here are the differences, an S-Corp, a C-Corp and an LLC, all are required to have a filing with the state or the state you want to incorporate in. Now, general partnership on the other hand or a a sole proprietorship, are very easy to form and have very few legal requirements. You need to find out what best suits your business's needs, and find out and consult with an attorney. They can give you the best ideas of what will suit your needs, for the type of business you've been running. I'm Ernie Bray, and thanks for listening.

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