What are the Legal Structures Available for Startups?
Selecting the right legal structure is crucial for any startup. The common options include:
Sole Proprietorship: Simple and inexpensive, but the owner has unlimited liability. Partnership: Involves two or more people sharing profits, losses, and liabilities. Limited Liability Company (LLC): Combines the benefits of corporations and partnerships, offering limited liability to owners. Corporation: More complex and expensive, but offers the strongest protection from personal liability.