Choosing a Form of Business
If you have a business, you need to protect the business, but more importantly you need to protect yourself. There are several types of business structures. The most common are Sole Proprietorship, Partnerships, Limited Liability Companies and Corporations. Knowing which business structure will protect you personally and support your business goals is crucial for the success of your business.

Choosing the right form of business to set up can have a significant impact on your operations, finances, and personal liability. When selecting a form of business, you should consider the following factors:

• Liability: Consider how much personal liability you are willing to take on. For example, in a sole proprietorship, you are personally responsible for the debts and obligations of the business, while in a corporation, your personal liability is limited to the amount you have invested in the company.
• Taxes: The tax implications of different business forms can vary widely. For example, some forms of business, such as partnerships and S corporations, can be taxed as pass-through entities, meaning that the business's income is taxed only once at the individual level. Other forms of business, such as C corporations, are taxed as separate entities.
• Management: Consider who will be managing the business and how decisions will be made. For example, in a sole proprietorship, you make all the decisions, while in a corporation, a board of directors makes decisions.
• Capital: Consider how much capital you will need to start the business and how you will raise that capital. For example, corporations can raise capital by issuing stock, while sole proprietorships and partnerships typically rely on personal savings and loans.
• Complexity: Consider how complex the business will be and how much legal and administrative work will be involved in setting up and running the business. For example, corporations can be more complex to set up and run than sole proprietorships.​