When starting a business you will face many choices, one of which is the form of entity to be used. Choosing the best entity involves many considerations including limited liability, partnership issues, public perceptions and tax considerations. The considerations for each business are different and must be evaluated in order to reach the best decision. What might be best for a lemonade stand probably would not be best for a machine shop. The possibilities include:
- Sole proprietorship using owner’s name
- Sole proprietorship using assumed name
- Partnership using owners’ names
- Partnership using assumed name
- Limited Partnership
- Limited Liability Partnership
- C corporation
- S corporation
- Limited Liability Company-disregarded entity
- Limited Liability Company-partnership
- Limited Liability Company electing to be classified as a C corporation
- Limited Liability Company electing to be classified as an S corporation.
The attorneys at HoganWillig are prepared to help you sort through the choices in order to determine which type of entity is best for your business.