Select Your Business Structure
Business activity may be conducted through a variety of organizational structures. An attorney, accountant, financial advisor, tax advisor, or banker can suggest which form would be most suitable.
One of the primary considerations in selecting an organizational structure for a business is protection of a business owner from liability. Other considerations are the transferability of ownership rights, the ability to continue as a business in the event of the death or withdrawal of one or more of the owners, the capital needs of the business, and tax liabilities.
Note: The business structure you select will determine the legal requirements of your business. There are very specific laws pertaining to the regulations with which you as a business owner are required to comply. The Division of Corporations and Commercial Code provides literature that can help determine the best business structure for you. Ultimately, however, legal counsel or the assistance of a professional accountant may be needed. Below is a list of the most common business structures.
Limited Liability Company (LLC)
Limited Partnership (LP)
Limited Liability Partnership (LLP)