Corporation General Partnership Limited Partnership Sole Proprietor Limited Liability Company Limited Liability Partnership                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
           
Formed BY Filing charter with Secretary of state Agreement between at least two parties.      May be written oral or implied  Filing certificate with Secretary of State Individual Filing articles of Organization with Secretary of State Filing with Secretary of State                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
           
Ownership shares of stock General  Partners- set in partnership agreement General and Limited Partners- set according to agreement 100% owned by individual No shares of stock sold to the public.       Owners are called Members                         Governed by an operating agreement     Must use LLC in it's name General Partnership in Form.                    Must use LLP in it's name.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
           
           
Tax Status Corporate Income is taxed at corporate rate. Double taxation is possible unless corporation is an "S" corp. Profits flow to the individual partners.               The partnership itself does not pay tax. Profits flow to the individual partners. The individual pays all taxes Profits flow to the individual members.               Treated by IRS as a pass-through tax entity.                                                                                         LLC does not pay tax Treated by IRS as a pass-through tax entity.                                 Same tax structure as a general partnership.