How to Choose the Right Entity for Your Business
For new business owners – and owners of sole proprietorships who have been in business for some time – no issue is more critical that choosing the correct entity for your business.The right business entity can help protect your family and your life’s savings from lawsuits brought against your business, and can help your business run more smoothly and tax efficiently.
Since the Middle Ages, the concept of the corporation has existed to shield business owners and investors from personal liability for the obligations of their business.There are three primary types of corporations, click on a link to learn more about each.
The Limited Liability Company
What if there were a business entity designed primarily for smaller businesses, which meshed the limited liability of a corporation with the pass-through taxation of a partnership or sole proprietorship?
The good news: there is! It’s called a The Limited Liability Company.
For many businesses, where two or more people are involved, the partnership format is the proper entity for their business.