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

In South Dakota, small business law covers several types of business entities. The most common type is the sole proprietorship, which is owned by an individual and may or may not employ others. This type of business is the easiest and least expensive to form, with the only requirements being the filing of any permits or licenses the business may need. Another common type of business entity is a partnership. This type of business is owned by two or more people, who each share in the profits and liabilities of the business. This type of business must register with the state and also has to file taxes. A corporation is another type of business entity that is covered by small business law in South Dakota. This type of business is its own legal entity, meaning it has its own rights and liabilities separate from those of its owners. It must also file taxes and may be subject to other regulations. The fourth type of business entity covered by small business law in South Dakota is a limited liability company or LLC. This type of business provides its owners with limited liability protection, meaning they are not personally responsible for any of the debts or liabilities of the business. No matter what type of business a person is starting in South Dakota, small business law ensures that they understand their rights and responsibilities before they begin.

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

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