We love that you are excited about starting a new business. Getting your new venture off to a great start is a passion we share with you.
However, you have a critical decision to make before you start anything:
What type of entity do I need?
Here are some common business structures:
- Sole Proprietorship: This is the simplest and most common form of business ownership. As the owner, you have complete control of your business but are personally liable for its debts and legal obligations.
- Partnership: A partnership involves two or more individuals sharing ownership and responsibilities. Two big types of partnerships:
- General Partnerships: the partners have unlimited liability and complete control.
- Limited Partnerships: where one (or more) of the partners have limited liability and limited control.
This is enough for today. A few more structures coming next week.
Feel free to contact us today if you need some guidance on setting up your new business.