Small Business Encyclopedia and Definitions

Use TRUiC's Small Business Encyclopedia to find definitions for key terms you’ll run across while starting, maintaining, and growing your small business.


Popular Small Business Definitions

Limited Liability Company (LLC)

An LLC is a US business structure that offers the personal liability protection of a corporation with the pass-through taxation of a sole proprietorship or partnership.

Doing Business As (DBA)

DBA stands for "doing business as". A DBA is any name a business operates under that isn't its legal name.


Sole Proprietorship

A sole proprietorship is a business owned by an individual that isn’t formally organized. A sole proprietor files taxes under their own name and is personally liable for any debts or legal actions taken against the business.

Corporation

A corporation is a registered business treated as a separate legal entity from its owners, also known as shareholders, and guided by a board of directors.

B Corporation

A benefit corporation (B corp) is a for-profit corporation that must have a goal to benefit the community or the environment. 

Single-Member LLC

A single-member limited liability company (LLC) is a business structure owned by one person that offers personal liability protection and pass-through taxation.

S Corporation

An S corporation (S corp) is an Internal Revenue Service (IRS) tax designation available to corporations and limited liability companies (LLCs).


Limited Liability Company (LLC)

An LLC is a US business structure that offers the personal liability protection of a corporation with the pass-through taxation of a sole proprietorship or partnership.

Partnership Agreement

A partnership agreement is a formal document that outlines the terms of the business agreement between partners.

Business Structure

Business structure refers to how a business is legally organized. There are four main types of business structures:sole proprietorship, partnership, LLC, corporation.


Employee Identification Number (EIN)

An Employer Identification Number (EIN) is a nine-digit number used by the IRS to identify businesses.

Form 2553

Form 2553 is filed by business entities to elect being taxed as an S Corporation by the IRS.

Partnership

A partnership is a business owned by more than one individual that isn't formally organized.