Starting a business

A small business is a privately owned corporation, partnership, or sole proprietorship. Many small businesses have fewer than 20 employees. At the top end, a “small business” may have up to 1,500 employees depending on its industry.

A startup is a small business founded by one or more individuals to develop new products or services. They’re often categorized as innovative or disruptive businesses.

An S corp is a type of small business corporation that allows shareholders to report its income and losses on their personal tax returns at their individual income tax rates, while also limiting their liability.

A limited liability company (LLC) can be formed by a small business owner to separate their legal and financial liabilities from those of their business, providing a degree of protection.

A sole proprietorship is a business owned by one person who is responsible for all of the business’s debts, taxes, and legal liabilities.