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Choosing a business structure for your new venture

If you have been considering starting your own business, there are many things that you will need to think about. As well as having a business idea and plan, you will also need to think of the logistical aspects of business formation.

If this is your first time starting a business, you may be relatively unfamiliar with the different types of business structures available to you. The following is an overview of the different business structures so that you can start to form an idea of which type would be best suited for your purposes.

Sole proprietorships

A sole proprietorship is very easy to form - you do not even need to form the business formally. If you engage in any business activities but you have not registered as any other type of business, you'll be considered to be a sole proprietor. This business type is low-cost, but it does not offer you any personal protection.

Partnerships

If you are setting up a business with another person, you should consider setting up a partnership. A limited partnership means that one owner will have unlimited liability and will have to pay self-employment taxes. Limited liability partnerships offer limited liability to every owner.

Limited liability companies (LLCs)

LLCs are very popular with small business owners because they offer owners personal protection from business debts, but they are also relatively low-cost.

If you are considering setting up your own business, it is very important that you take the time to understand the law. By being organized with logistical aspects early on, you'll have the best chance of long-term success.

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