You must also regularly re-evaluate your decision to make sure that it is still the best suited for your business and personal needs.įor example, you may begin running your business as a sole proprietorship. To make the best decision, you must carefully consider your initial choice of business entity from multiple angles, including ownership/control of the business, asset protection, and tax minimization. Selecting the legal structure for your company is one of the most important and far-reaching decisions that you will make as you start your business. This article looks at three of the most popular choices: sole proprietorships, partnerships and limited liability companies. Choosing the business structure that best meets your needs is a critical decision: you must consider both non-tax and tax ramifications.
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