Chart of Entity Comparison

	Sole Proprietor	Partnership	C Corporation	S Corporation	LLC
Legal Status	Same entity as owner	Separate entity from owner	Separate entity from owner	Separate entity from owner	Separate entity from owner
Tax Year	Same as owner	Majority interest rules; principal partner rules; or the least aggregate deferral of income rule; exceptions may be the business purpose of 444 election	Calendar or fiscal year	Calendar year; 444 election; or business purpose demonstrated	Depends on tax status as sole proprietorship, partnership, or corporation
Self-employment Tax	Yes	Yes if general partner, generally no if limited partner	No, since payment for services is in the form of wages	No, since payment for services is in the form of wages	Depends on tax status as sole proprietorship, partnership, or corporation
Charitable Contributions	Generally 50% limitation	Generally 50% limitation at partner level	Generally 10% limitation	Generally 50% limitation at shareholder level	Depends on tax status as sole proprietorship, partnership or corporation
Management	Owner	May be divided among partners	Board of Directors	Board of Directors	Per articles of organization
Number of Owners	One	Unlimited	Unlimited	100	Depends on tax status as sole proprietorship, partnership, or corporation

Question:

Choose four characteristics (Rows) and describe how two of the entity selections options differ (e.g. Basis Decrease from Operations in Sole Proprietor vs. C Corporation)