What type of business entities are covered under small business law?

Small business law in South Carolina covers several types of business entities. The most common type of business entity in South Carolina is a corporation, which allows owners to separate their personal assets from the business’s assets. Corporations created in South Carolina are sometimes referred to as C-corporations. The other type of business entity is a limited liability company (LLC). An LLC provides its owners (called members) with limited liability, like a corporation, while avoiding some of the formalities and tax structure of a corporation. Further, a general partnership is a business that is created when two or more people enter into a business venture. The partners split all profits and losses and are jointly and severally liable for the business’s debts and obligations. Lastly, a sole proprietorship is a type of business entity that is owned by one person. The sole proprietor is personally liable for all of the debts and obligations of the business and is responsible for all profits and losses.

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What type of business entities are covered under small business law?

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