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C Corporations, Subchapter S Corporations, LLC's, sole proprietorships and Partnerships are a complicated subject. The liability of a corporation or LLC is limited to the value of its assets. Apart from 'flow through' entities corporation tax is quite onerous, hence we see a rich variety of corporate structures and trusts to mitigate this burden.

Unlimited liability, for instance you are a sole proprietor - Schedule C Form 1040 or a member of a partnership - Form 1065

1040 schedule c

Limited Liability

Other entities you may have heard of apart from trusts

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