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A corporation is a formal way to organize your business to gain rights and privileges, and to limit your personal liability. There may be tax and financial advantages to incorporation, but it can also increase your business licensing fees and decrease the amount of personal control you have in running your business. There are many legal consequences to incorporation, so it's a good idea to consult an attorney specializing in corporate law. A corporate attorney also represents shareholders unhappy with the actions of a corporation.
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A limited liability company, or LLC for short, is a formal business structure that gives your business limited liability protection and flexibility on taxes.
A business partnership is an arrangement whereby parties enter an agreement to cooperate for their mutual benefit.
Venture capital is a method of financing younger companies. Investors assume a high degree of risk, but tend to receive partial control over company decisions.