Terminology: Break-even point - when profits cover capital (usually a 6 month process, inadvisable to pursue business if break-even point not reached in 2 years).
6 Business Structures:
(Personal income tax)
1. Sole Proprietorship2. General Partnership
(Corporations are their own entity/person, in terms of taxation, etc.)
3. "C" Corporation
4. "S" Corporation (partnership)
5. LLC (starts to allow foreign members)
6. LLP (partnership)