If you’re uncertain about which business type to select during registration, we’re here to help. Understanding the different business types, such as Individual Documents, Employee Documents, Sole Proprietorship, Single Member LLC, and more, can be confusing. This guide explains each option to help you make the right choice for your business.

Overview of Business Types

Here’s a breakdown of the business types available during registration:

Individual Partner

1. Individual Document:

• This is for individuals not registering as a formal business entity but must submit personal identification or other individual-specific documents.
• Choose this option if you’re a freelancer or an independent contractor working under your name, without registering a business.

Business Partner

2. Employee Document:

• This category is for employees who are required to submit documents such as employment verification, work permits, or other employee-specific documents.
• Choose this option if you are registering as an employee and not as a business owner.

3. Sole Proprietorship

• A Sole Proprietorship is a business owned and operated by one individual. It’s simple to set up, and the owner is personally responsible for all debts and obligations.
• Choose this option if you are the sole owner of your business and operate under your name or a trade name without forming an LLC or corporation.

4. Single Member LLC (Limited Liability Company)

• A Single Member LLC is a type of Limited Liability Company owned by one individual. It offers protection for the owner’s assets while being simpler to manage than a corporation.
• Choose this option if you are the sole owner of an LLC and want to separate your personal and business assets.

5. Multi-Member LLC (Limited Liability Company)

• A Multi-Member LLC is an LLC with two or more owners (members). Like a Single Member LLC, it offers personal liability protection for its members.
• Choose this option if you and one or more partners jointly own an LLC.

6. Private Corporation (Inc.)

• A Private Corporation is a business entity that is privately owned by shareholders and not traded publicly. It provides strong liability protection for its shareholders.
• Choose this option if your business is incorporated and has issued shares, but is not listed on a public stock exchange.

7. Private Partnership

• A Private Partnership is a business structure where two or more individuals share ownership and management of the business. This can include general partnerships and limited partnerships.
• Choose this option if you have a business partner or partners and you have not formed a formal corporation or LLC.

8. Public Corporation

• A Public Corporation is a company that has issued shares to the public and is listed on a stock exchange. It is often subject to additional regulations and reporting requirements.
• Choose this option if your business is publicly traded and listed on a stock exchange.

9. Public Partnership

• A Public Partnership is a partnership where the partners’ shares can be publicly traded. This type of partnership is less common and typically exists in specific industries like investment funds.
• Choose this option if your business partnership is structured to trade shares publicly.

10. Unincorporated Association

• An Unincorporated Association is a group or organization that is not formally registered as a business entity. It is often used for clubs, community groups, or non-profit organizations.
• Choose this option if you are registering on behalf of a group or organization that is not formally incorporated, such as a local community group.

How to Decide Which Option Fits Your Needs

• Think About Your Business Structure: Consider whether you operate as an individual, with partners, or through a more formal structure like a corporation or LLC.
• Consider Liability Protection: If limiting your liability is important, look into LLCs or Corporations, which typically offer more protection compared to Sole Proprietorships or Partnerships.
• Consult a Professional: If you’re unsure, it’s always a good idea to consult with a legal advisor or tax professional to understand which option is best for your situation.

What If I Select the Wrong Option?

If you select a business type that doesn’t fully align with your situation, don’t worry. You can typically update this information later in your Account Settings, or reach out to our Support Team for assistance in making any necessary changes.

Need More Help?

If you’re still uncertain about which option to choose, please reach out to our Support Team:

Provide a brief description of your business structure, and our support team will guide you through selecting the right business type.

FAQs

Q: What if my business doesn’t fit neatly into any of the options?

A: Choose the option that most closely matches your structure, or reach out to our support team for further guidance.

Q: Can I change my business type after registration?

A: Yes, you can update your business type in your Account Settings or by contacting our support team.

Q: Why is selecting the correct business type important?

A: Selecting the right business type helps us provide better support and ensure compliance with applicable regulations.