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.
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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.
DBA stands for "doing business as". A DBA is any name a business operates under that isn't its legal name.
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.
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.
A benefit corporation (B corp) is a for-profit corporation that must have a goal to benefit the community or the environment.
A single-member limited liability company (LLC) is a business structure owned by one person that offers personal liability protection and pass-through taxation.
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.
A partnership agreement is a formal document that outlines the terms of the business agreement between partners.
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 is filed by business entities to elect being taxed as an S Corporation by the IRS.
A partnership is a business owned by more than one individual that isn't formally organized.