When establishing a business, it is important to consider what type of entity your business will be. Aren’t they all the same, you ask? Why no, they are not. Your accountant can be very helpful in determining what type of entity your business should be, as well as helping you to file the proper paperwork. According to Kelly Phillips Erb at Forbes, “entity choice can determine shareholder & partner numbers and identity; equity structure, control & management, as well as what kind of funding you might be eligible to receive.”
The following are types of entities:
- Sole Proprietorship
- General & Limited Partnerships
- Limited Liability Partnership
- Limited Liability Limited Partnership
- Limited Liability Company
- Single Member Limited Liability Company
- C Corporation
- S Corporation
- Professional Corporation
- Corporations Sole
To help decide what entity your organization should be, read the details of each one in the article below: