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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