Congratulations! You have spent years thinking about starting a business and the time has come for you to finally take action. Entrepreneurs come in all shapes and sizes, but one thing that they all have in common is a unique drive and determination to turn their vision into a reality. Starting a business means making a lot of important decisions. One of the most critical of those decisions will be choosing the right business structure for your business.
Understanding Business Structures
A business structure has a lot of ramifications. Most notably, a business structure will determine how a company will pay taxes, personal liability involved, required paperwork, and even one’s ability to raise funds in the future. Selecting the right business structure means being forward-thinking in where the business is today and where you see it growing tomorrow. The following are the most common types of business structure:
- Sole Proprietorship
- Limited Liability Company
- General Partnership
- Limited Partnership
- Limited Liability Partnership
- C Corporation
- S Corporation
Legal and tax considerations must be taken when coming to this decision. If this seems overwhelming to you, you are not alone. Many entrepreneurs feel an immense amount of pressure to make the best decision for their business. As a result, many business owners turn to a business formation lawyer to guide them in making the most strategic decision possible.
Determining the right structure for your business is an important decision requiring experienced legal guidance. At Tenax Law, we have years of experience in guiding entrepreneurs in the most strategically-sound direction. Do you have the next “big idea” ready for launch? Contact our office today to get started on your new business!
