The business structure you use – sole proprietor, LLC, etc. – has tremendous impact on how your company operates and pays taxes.
A business structure is simply an organizational framework. The IRS requires you to select one for your company, since this designation will determine the tax forms you'll file as well as who is responsible for the company's liabilities and debts. If you've already formed a company and have been operating as one of these structures, you should occasionally re-evaluate your status, especially if you're growing and/or adding to your organizational structure.
Here are the most common business structures and some of their attributes. [MORE] . . .