Choosing a business structure is always a crucial step for entrepreneurs when making a decision to start a business. And while a business attorney can provide the differences and impact in each structure, it is up to you (the owner) to decide how and what you envision for your business. The future of your business in varying times of growth can mandate a change in business structure and often causes business owners to have regretted not taking the time to understand what each structure can mean when it comes to taxes and personal assets.
There are five business structures to choose from and each one has its own pros and cons. The right structure must be selected according to your business goals, but also be mindful of how you plan to structure your business in the future of how you want to run it. The 5 structures are:
- Sole Proprietorship