Basics of choosing a business entity page 2 w hat is a limited liability entity 1 separate legal entity that has separate obligations and liability 2 generally the owners will not be personally liable for the obligations and liabilities of the entity the entity will have its own responsibilities contracts taxes etc 3. Choosing the correct business entity the basics posted by josh seidenfeld a corporation is a distinct legal entity owned by its stockholders and managed by a board of directors despite the tax incentives to utilize the partnership or llc form of doing business the principal attractions to the corporate form are the limited . A limited liability company is a business entity that is separate from its owners like a corporation however rather than as a separate legal entity which is usually part of the secretary of states office filing fees range from about 100 to 800 now in every state you can form an llc with just one person. Forming a business entity is an important way to protect yourself from liability and save money on taxes a business entity such as a corporation or limited liability company llc is legally a separate person from its owners here are some key things to keep in mind when you go about forming a business filing formation paperwork. Corporation llc partnership canton ohio attorney richard nicodemo discusses the various legal entities a small business can form and the one big issue you need to consider before you choose
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