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A business with more than one owner that is not incorporated or organized as an LLC is, by default, a partnership.

Your partnership agreement isn't complete without a buyout, or buy-sell, agreement -- which governs what happens when a partner leaves the business.

Failure to keep adequate records and minutes of meetings can result in the loss of your limited liability status.

Buyout, or buy-sell, agreements control changes in the ownership of a corporation -- they act as a premarital agreement between shareholders and cover what happens when an owner wants out.

Forming a corporation limits your personal liability for business debts, but running one takes work.

In many states, professionals who want to incorporate their practices must create what's called a professional corporation.

S corporations are similar to LLCs in that they provide owners with limited liability protection while offering the tax structure of a partnership.

To form your own corporation, you must take these essential steps.

You can reduce overall income taxes by using two different levels of taxation: yours and your corporation's.

It pays to learn the ups and downs of corporate taxation before you start your business.