Whether you’re a new start-up or have an existing business, the legal structure of your business will have implications for personal asset protection, tax savings, business expenses, credibility, ease of raising capital, transfer of ownership, duration of the company, and privacy.
Other considerations in incorporating your business include the number of people who will have ownership in your company. And do owners and/or shareholders plan to benefit financially from this business? Some types of entities will help you to raise capital, establish credibility and maintain anonymity to the shareholders, directors, officers, and owners of the company or corporation.
Your business can be a sole proprietorship, Limited Liability Company (LLC), S Corp, C Corp, Nonprofit, Limited Partnership (LP), or Limited Liability Limited Partnership (LLLP). It is important to know the difference between types of corporate entities and determine which type will best fit your needs and benefit you the most. This is where the services of a business incorporation expert can help you to create entity documents and keep your company in good standing.