The LC, S-Corp, or C-Corp question is one of essential importance: Make the right decision, and you'll be paying less tax; you'll know yo ur personal assets are protected from lawsuits against your business; and you might even save yourself some money on accounting and legal fees. Make the wrong decision, and you'll be throwing away money to Uncle Sam; you'll be wasting money on legal bills; and you'll be only a lawsuit away from losing your home and other personal assets. Find the following, explained in plain-English with no legal jargon: The basics of sole proprietorship, partnership, LC, S-Corp, and C-Corp taxation. How to protect your personal assets from lawsuits against your business. When the protection offered by an LC will work. (And more importantly, when it will not ) Which business structures could reduce your federal income tax or self-employment tax.