In your company preferences, you will provide basic information about your business, such as the contact email and telephone number, where customers can reach you, and your mailing address. The contact information that's included in this section will appear on customer invoices and emails that are sent to them so that they know how to get in contact with you. You will also provide your company name and entity type (sole proprietor, partnership, LLC, C-Corp, or S-Corp).
A brief explanation of these entity types is as follows:
- Sole proprietor: A business that has one owner. Sole proprietors generally file a Schedule C to report their business income and expenses, along with IRS Form 1040.
- Partnership: A business with two or more owners. Partnerships generally file IRS Form 1065 to report their business income and expenses to the Internal Revenue Service.
- Limited Liability Company (LLC): A company with one or more owners who are not personally liable for the LLC&apos...