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A sole proprietorship is an unincorporated business owned by a single individual who pays personal income tax on the profits. It's easy to establish, making it popular among small business owners and contractors. Many small businesses start as sole proprietorships and may transition to limited liability entities or corporations as they grow.
A partnership is an unincorporated business structure where two or more individuals share ownership, responsibilities, and profits. Partnerships are relatively easy to establish and are common among small businesses. As the business grows, partnerships may transition to limited liability entities or corporations to better manage risk and growth.
A corporation operating under a doing business as (DBA) name uses an alternative business name instead of its registered legal name with the state. This is common when a corporation wishes to conduct business under a different name than its official corporate name, enabling it to legally use the DBA while upholding its corporate structure and legal responsibilities.
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