Corporation (This could be an LLC filed using an EIN): A corporation filing is a separate form from its owners (shareholders) in terms of income taxes. A corporation pays income taxes by filing a corporate tax return and paying the taxes as indicated by the return.
Partnership (This could be an LLC filed using an EIN): A Partnership filing is an informative return to report their income, gains, losses, deductions, credits, etc. A partnership does not pay tax on its income but “passes through” any profits or losses to its partners.
Sole Proprietor/Single Member LLC (This could be an LLC filed using your Social Security Number): A sole proprietor/single member LLC filing is a business that legally has no separate existence from its owner. Income and losses are taxed on the individual’s personal income tax return. It’s an entity which is run and owned by one individual and where there is no distinction between the owner and the business.
Nonprofit: A Nonprofit filing is a nonprofit corporation formed in which members may not receive any profits of the corporation. Some purposes for which nonprofit corporations are commonly formed are those involving religious, educational and charitable activities.
Estate/Trusts: Estates & Trust income tax returns are the same as an individual or business would file but for a decedent’s estate or living trust after his/her death. The report reports income, capital gains, deductions, and losses, but subject to somewhat different rules than those that apply to living individuals.