Wayfaroutthere has provided a good answer, but I would add that the downside of "double taxation" of corporate income can be avoided in small corporations making the election under subchapter "S", so that any income (or loss) of the corporation is directly attributed to the shareholders, and the corporation is not a separate tax entity (but does remain a separate LEGAL entity). Also, the limitation on personal liabilty in corporations is not universal: you (or the officers) will still be personally responsible for things like unpaid taxes, and a one-shareholder corporation subject the owner to liability under the doctrine of "piercing the corporate veil" if basic corporate housekeeping is ignored (commingling of funds, failure to document meetings, etc).
by bcnu - 20 hours ago
unincorporated business is the one that is owned by sole trader and the bussiness does have a legal entity while a incorporated owned legally
by mable lentle - 20 hours ago
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