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One important consideration when starting your business is determining the best legal organizational structure. Why? Because it will affect operating efficiency, transfer-ability, control, the way you report income, the taxes you pay and your personal liability.

Four basic structure types are available:

  • Sole proprietorship
  • Partnership — general and limited
  • Corporation — S corporation, C corporation
  • Limited liability company (LLC)

The choices can be complicated — and errors can be costly. Business legal structures are regulated by state governments, but your county or municipality also may have license requirements.

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