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While no one can determine what is best for your business, in this module I want to review some additional considerations that I believe you should be aware of to make an informed decision.
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Before the creation of S Corporations, entrepreneurs could form a corporation, partnership, or sole proprietorship, and that was it. None of these choices was the best for small businesses or family-owned businesses though. Recognizing this, congress created ...
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Very few small businesses set themselves up as C Corporations, because of the extra paperwork, restrictions, oversight and taxes involved. However, it may be advantageous if your goal is to bring in additional investors in the near future to grow your business.
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LLCs are normally used for business with small numbers of active participants, family/closely held businesses, real estate investments, joint ventures, and investment partnerships. Essentially, any business that is not contemplating an S-Corporation...
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The Uniform Partnership Act defines a general partnership as "an association of two or more persons to carry on as co-owners a business for profit." This can be orally or in writing. In this format, each partner is expected to contribute to the business in all...
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A sole proprietorship is the easiest and most common form of business to begin. It has one owner, who is responsible for all the transactions, decision-making, and debts of the business. It can have a many employees as necessary, but it can only have one ...
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Choosing the correct legal format can have a tremendous impact on your future profitability. The time the prospective business person take to study and decide on the proper business entity for their situation will pay off many time over.