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    Types of legal entities used for operating a business

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    What are some common types of legal entities used for operating a business? What types of business entities does the U.S. tax system recognize? What are tax and nontax advantages of business entities recognized by the tax system?

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    What are some common types of legal entities used for operating a business?

    Legal business forms include:

    Sole proprietorships
    Partnerships
    Joint Ventures
    Limited liability companies
    Corporations
    Trusts
    Estates
    Non for profit entities
    Private foundations

    What types of business entities does the U.S. tax system recognize?

    The tax system recognizes all of the types of business with the following caveats:

    1. A joint venture is more like a short term partnership which the tax system would call a ...

    Solution Summary

    In a 335 word solution, the questions are answered with 2 or 3 sentences for each question.

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