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Incorporating Your Business

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When you&rsquo;re starting a business, one of the first decisions you have to make is the type of business you want to create. A sole proprietorship? A corporation? A limited liability company? This decision is important, because the type of business you create determines the types of applications you&rsquo;ll need to submit. You should also research liability implications for personal investments you make into your business, as well as the taxes you will need to pay. It&rsquo;s important to understand each business type and select the one that is best suited for your situation and objectives. Keep in mind that you may need to contact several federal agencies, as well as your state business entity registration office.</p>
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Here is a list of the most common ways to structure a business.</p>

A partnership is a single business where two or more people share ownership.

Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business.

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