Choosing an Organizational Form
At first glance, as a small business owner, you are faced with a somewhat confusing array of organizational forms in which you can operate your business:
- sole proprietorship
- general partnership
- limited partnership
- limited liability company
- limited liability partnership
- several types of corporations
This section will dispel the confusion by giving you an overview of the major characteristics of these forms, and then providing discussions on the nature of limited liability for business debts, as well as the impact of both business and personal liability on structuring/funding issues. Finally, we'll conclude with your likely options.
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