How to Choose a Business Entity

Your choice of business entity determines asset liability and protection, ease of day-to-day functioning, and taxation. Thus, it’s imperative that you choose the right entity for your business. Setting up a new business is a major step in your life and you should always consult with a qualified business law attorney before you do so. In this article, we will provide some basic information on how to choose a business entity to get you started in the right direction. We will explore the sole proprietorship, partnership, limited liability company, and corporation.   Sole Proprietorship A sole proprietorship is the default entity for people who start a business on their own. It’s created in a blink of an eye and can be dissolved that quickly as well. In addition, there are no legal set up fees, ongoing entity fees, or special … Continue reading