Incorporating Your Business
One very important decision you will have to make for your business is which legal entity you want it to operate under. Even though you will have the option to change your status as your business grows, making the right decision early in the business incorporation process will save you a lot of time and money. In addition, not having to worry about changing it in the future will provide you with peace of mind, which is always a plus.
When deciding to form a business entity, you have several options to choose from. They include: sole proprietorship, limited partnership, limited liability partnership, limited liability company (LLC), S corporation, and C corporation. The most frequently chosen legal entities are corporations and limited liability companies (LLCs). After carefully reviewing and discussing the common characteristics associated with each with a qualified lawyer or CPA, you will be more prepared to make the right decision for your business.