What Business Entity Should I Create for my New Business

It can be very overwhelming when you have to create and file all this new business information with the Federal Government an your State Government. I will not be addressing the how to’s of those questions, but rather which entity is right for you business.

Lets take a look at each of the entity types and how they benefit business owners in the past.

Sole Proprietorship – This is the most basic type of business structure.  You alone own the company and are responsible for its assets and liabilities. This selection is an unincorporated business owned and run by one individual with not distinction between the business and you.  To learn more about about if this type of structure is right for you CLICK HERE.

Limited Liability Company (LLC) – This type of formation is designed to provide you the owner with Limited Liability.  In essence you can act like a corporation as far as liability goes but allows you the flexibility of running like a partnership.  To learn more about about if this type of structure is right for you CLICK HERE.

Partnership – There are a few different types of partnerships.  Its structure depends on the nature of the arrangement and which responsibilities the partners have.  To learn more about about if this type of structure is right for you CLICK HERE.

Corporation – This is the most complex of all entity structures.  This is generally elected for larger, more established companies with multiple employees. To learn more about about if this type of structure is right for you CLICK HERE.

S. Corporation – This is similar to the Corporation also known as the C Corporation, but you are only taxes on a personal level not as a whole corporation entity. To learn more about about if this type of structure is right for you CLICK HERE.

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