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Choosing the right Business Entity
As a business startup, one of the first decisions you need to make is the form of your business - whether or not to incorporate, become an LLC, a partnership, or just a sole proprietorship.
There are several ways to form a business. The most popular among small business owners is a sole propietorship. Also, partnerships, corporations, limited liability companies, limited liability partnerships, and "S" Corporations.
This tutorial teaches the basics of the different business entities and the advantages and disadvantages for choosing one type over another for your business. As with any major business or financial decision, please discuss this with your attorney and tax advisor.
A sole proprietorship has many advantages for the small business owner. It's controlled by you, all of the profits come to you, it's easy to form, and you make all the decisions. With this type of entity, you have complete freedom over operating your business, whereas in most of the other business types you have to report to other people and share decision making.
You also have less government restrictions and control when you are a sole proprietorship, so you have a little less to report back to Uncle Sam.
Disadvantages for a sole proprietorship include unlimited liability. If your business is sued, you and your personal assets are at risk. As a sole proprietorship it may be more difficult raising capital, you may have to use your own money or personal loan for the business.
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