With this basic guide, you'll be able to select the structure that suits your business best. Remember that you will be held liable for the decisions made, as well as those actions made by your business partner. You should also plan to business with your CPA for his or her advice. Corporation shareholders have limited liability as they are not personally liable for debts and obligations incurred by the company. Business entities Corporate group Conglomerate company Holding company Cooperative Corporation Joint-stock company Limited liability company Partnership Privately held company Sole proprietorship Business legal structure company click here. Start Your Own Photography Business. Last Name. That's because an S corporation has some appealing tax benefits and still provides business owners with the liability protection of a corporation. Business entities. Oregon Revised Statutes The different strufture the two subchapters stem from different tax rules. Consider These 5 Side Gigs. Limited liability companies atructure also be set up and managed like partnerships. In addition, unlike a standard corporation, S corporation stock business legal structure company only be owned by individuals, estates and certain types of trusts. Like a sole proprietor, each partner reports their income on their structture tax return and pays self-employment taxes to the IRS. Here's a quick look at the differences between the most common forms of business entities:.