The choice of business structure affects many aspects of your business, including liability, taxation, and management. Common structures include:
- Sole Proprietorship: Simple to set up but offers no personal liability protection. - Partnership: Involves two or more people. It can be general or limited, each with different liability implications. - Limited Liability Company (LLC): Provides personal liability protection and flexible tax options. - Corporation: Offers strong liability protection but is more complex and expensive to set up.
Consult with a legal advisor to determine the best structure for your business.