|Offers the most separation between personal/business||Ownership is transferable||Taxed at the entity level|
|Subchapter S Corporations
|A separate legal entity created by a state filing||No more than 100 shareholders||Taxed at federal level similar to partnership and LLC|
|Sole Proprietorships||Business and owner are legally the same||Single owner||Business is not a taxable entity|
|Limited Liability Company (LLC)||Limited liability protection for members' personal assets||Owned by one or more members but flexibility in management||"Pass-through" tax entity. Income/loss reported by owners|
|Partnerships||No separation from owner(s)||Two or more people||Not taxable entity under federal law|
|Not-for-Profit||Learn more about Not-for-Profits|
To speak with a professional about what type of business suits your needs best, get in-touch with one of our Business Relationship Officers to set up a consultation.