Figuring out the appropriate legal structure for a small business can be a daunting task, especially considering that each type of structure has trade-offs.
It’s crucial to take your time and choose wisely because the structure you select will affect everything from paying to taxes to assigning liability, from raising capital to sharing profits.
Here are the three most common legal structures for businesses – along with their major pros and cons:
Which structure is best for your particular business? After you educate yourself by clicking on the links above, that’s a question you and your business lawyer will need to hash out together.
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Related Resources:
- Hiring Legal Help with Business Formation (FindLaw)
- How to Incorporate Your Business (FindLaw’s Free Enterprise)
- The FindLaw Guide to Starting a Business (FindLaw - Free Download)
- Starting a Business? Get Affordable Legal Forms From LegalStreet (LegalStreet.com)(Disclosure: LegalStreet and FindLaw.com are owned by the same company.)
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