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Determining how to structure your business is a potentially complicated decision. Your options include sole proprietorship, partnership, corporation, and limited liability company, and each carries with it potential benefits and disadvantages with regard to the legal and financial obligatons of your business. Ultimately, the choice will be based on your individual goals and style of doing business.
The decision you make will impact how your company files taxes, licensing, your ability to control the company's operation or ownership, and to what extent you are personally liable for the company's debt or legal actions against the business. Since there are so many issues involved -- and potentially momentous consequences of the decision -- your best bet is to do extensive research on your own, then seek the guidance of a legal or financial advisor who is familiar with your business before choosing a structure.
This week, Real Small Business takes a closer look at structuring a business, to help you learn more about your options, and make the right decisions for your company.
- Meet Matt Blumberg, the founder and president of ReturnPath, a company that helps businesses and consumers manage e-mail address changes. Matt explains how he decided to make ReturnPath a C-Corporation, and how this decision has helped him meet some of the challenges of entrepreneurship.
- Get expert legal advice from Fred Steingold, who answers the question, "I'm about to start a small business. What types of legal structures should I consider?"
- Access articles about
writing a partnership agreement, overview of corporations,
basics of a C-Corporation,
basics of a general partnership, basics of an LLC,
basics of a limited partnership, basics of a nonprofit,
basics of a professional corporation, basics of an S-Corporation,
basics of a sole proprietorship, incorporating out of state, choosing a board of directors, and state offices of incorporation.
- Read an interview with Andrew J. Sherman, Capital Partner at McDermott, Will & Emery Law firm, and a specialist in small business law.
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