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Choose the best business structure for your situation

| Jan 31, 2019 | Business Law |

One of the primary decisions you have to make when you are starting a business is what type of business structure you will use. This is determined largely by whether you have any co-owners and whether you are planning on hiring employees. There is also the matter of what type of protection you might need for your personal assets. We are here to help you review the possible structures so you can choose the one that meets your needs.

For people who are going to do business on their own and don’t have much risk to their personal assets, a sole proprietorship might be the best option. Typically, there aren’t any fees that come with this structure. Depending on the type of business you have, there might be licensing fees or something similar to pay.

If you plan to hire workers or have some level of risk, you might choose a limited liability company (LLC). This separates your business matters from your personal ones. If someone sues your company, your own personal assets are protected.

A limited liability partnership works in much the same way as the LLC; however, there is more than one owner. This is a complex structure because you and your partner have to consider how to split things up. There are other considerations as well.

It is imperative that you choose the right business structure. You don’t need to realize too late that you didn’t have the protection that you needed. We can help you evaluate the options and get things set up in the structure you choose.