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Sole Proprietors – reported on the individual owner’s tax return. The vast majority of businesses in America are owned by one individual and report their business income and deductions on Schedule C.

Partnerships – Owned by two or more persons, including husbands and wives or wives and husbands. These businesses report their income and deductions on Form 1065.

Corporations – Owned by one or more persons or other legal entities. There are several types of Corporations. Click for more information.

Limited Liability Companies – These are relatively new types of business entities that are now available in almost every state. Their income and expenses are reported on either an individual owner’s tax return, a Partnership return or a Corporate return depending on the ownership structure and choice of method by the owner(s).

A large business has absentee owners or multiple owners none of whom really operate or manage the business. Nothing wrong with the concept, we just let others handle them.

Types of Small Businesses: There are several ways of organizing a small business (click here for more information about organizing and reorganizing a business and for deciding which type to select).