When choosing a form of business entity, compare the tax, liability, and management impacts of a sole proprietorship, corporation or flow through entity (partnership, limited liability, S-corp) to see which will work best for your business.  Perhaps this entity comparison chart might be of some assistance.   (You may also find this chart under our Income Tax Prep Resource Page.)

The Small Business Administration has a wealth of information for young entrepreneurs (and business owners in general)! Check out their Small Business Learning Center where they have a free web course entitled "Young Entrepreneurs: An Essential Guide to Starting Your Own Business."  Granted...it's about 40 minutes long...but might be worth looking into.  (Click the title above to view.)