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An appropriate legal business structure is necessary to operate a business successfully. The different types of business entities for a for-profit business are Sole proprietorship, Partnership, Corporation and Limited Liability Company. Partnerships can be formed in different methods. You can form a general partnership where all the members have equal rights and responsibilities, a limited partnership with one general partner and many limited partners or a Limited Liability Partnership. Corporations can be formed as an S Corporation or a C Corporation.

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