What Exactly Are Entities?
If you speak with an attorney, an accountant, or any other financial professional, or pick up any business book, you will see the term entity. In the business world, an entity is nothing more than a form of business. C corporations, S corporations and LLCs are all entities. There are numerous forms of business out there for you to choose from. These include the sole proprietorship, the C corporation, the S corporation, the limited liability company (LLC), the general partnership, the limited partnership (LP), the limited liability partnership (LLP) and the limited liability limited partnership (LLLP). If you look at that list, you will see why it is often referred to as alphabet soup. The best way for the business owner to think about a business entity is as a separate legal person. Your business is separate from you. You are not your business and your business is not you; though at times it will feel like it. As you will see, a business has many of the same rights that you do. A busin
