Choosing the right business structure when starting a new business can be a confusing process. You will find that there are many structures to choose from when it comes to starting a company. At Business.com we strive to provide business owners with the information they need to make informed decisions for their business. This is why we have created an infographic to help you figure out the best Business Structure for your company. Business.com also offers trusted vendors for your incorporation services needs.
Business entities are distinguished by five factors: Personal Liability, Taxation, Ownership (number and type of owners), Formation Requirements, and Formalities (record keeping).
There are many business structures you could potentially choose: S corporations, C corporations, professional corporation, nonprofit corporation, LLC, sole proprietorship, general partnership, and limited partnership. Write all of these down on a piece of paper and add a mark next each structure that fits your needs as you work down the infographic. Once finished, the structure that has the most points is most likely the best fit for you and you can start to look into business incorporation services.
Click on the Image Below to Discover:
- How personal liability affects your choice
- Why LLC's, general partnerships, and sole proprietorships require meeting minutes
- Which of the seven business structures is right for you