Once you decide to establish a business, your first consideration will be the type of business organization to use. Your selection of a business structure is based on a number of factors.
These may include:
- Tax considerations
- Liability
- Costs
- Record keeping
- Flexibility
- Future activities
You should carefully analyze the advantages and disadvantages of each type of structure, keeping in mind your particular business and personal needs. The principal types of business structures are: the Sole Proprietorship, the Partnership, the Corporation and the Limited Liability Company, and there are sub-types of each. There are advantages and disadvantages to each legal form of business. A brief description of each type is provided here, however, we recommend that you seek professional advice from an attorney and/or tax specialist before making your decision.
All types of business structures may find registration forms and other important information at the Secretary of State's office.
Principal types of business structure:
More information:
ADVANTAGES AND DISADVANTAGES OF A BUSINESS STRUCTURE