![]() Both a sole proprietorship and general partnership are pass-through entities, which means the owners report profits and losses on their individual tax returns. Like a sole proprietorship, this entity does not need to register with the state and carries personal liability for business debts. When two or more individuals start a business together, it's known as a general partnership. This is the easiest type of entity to establish but carries the downside of total personal liability for business debts and obligations. A sole proprietor is an individual who opens his or her own business. ![]() Choosing a Business EntityĪvailable legal structures for your business include the limited liability company (LLC), corporation, sole proprietorship, and partnership. If you've written a business plan, these are the next steps to becoming a business owner. ![]() Ohio business registration is the process of establishing a legal business entity in the state. ![]()
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