9. Legal Structure Options Regulation Start-up cost and registration Entity & Life Liability Taxation Sole Proprietor Least Regulated Low County Tied to Individual Unlimited Individual -Schedule “ C ” Partnership Limited Regulation Low County Tied to Partners Partners Liable Shared Schedule “ C ” Limited Liability Company Limited Regulation Relatively Inexpensive State As agreed to by Members Limited to Assets of company May choose to be taxed as partnership Corporation “ C ” corp “ S ” corp (IRS election) Most regulated Most Expensive State Perpetual Legal Entity No Individual Liability Double taxation