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Tips — Business Structure

What Form Should Your Business Take?

If you are starting a new business, you must decide which legal structure is best for you and your business. If you are already in business, you should periodically review your business form to see if it is still the best choice.

Should you operate as a:

	Sole proprietorship?
	Partnership?
	Should you incorporate? If you do, should you elect "C" or "S" status?
	Should you consider operating as a Limited Liability Company?
	How about a Personal Service Corporation?

Your choice will simultaneously create and solve many problems.

Each business entity has advantages and disadvantages. No one form is right for every business and no one form remains right as the business grows and circumstances change. The form of business entity you choose will make a difference in the taxes you pay, the costs of doing business, and the amount of paperwork and red tape you'll have to deal with. With the assistance of your accountant and lawyer, you will be able to make the best choice for you.

Click on the headings below to get more information.

Sole Proprietorship

Partnership

"C" Corporation

Limited Partnership

"S" Corporation

Limited Liability Company

Personal Service Corporation

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