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Choosing Your Business Entity

One of the most important decisions that a business owner will make is choosing what type of entity to operate as. A business can operate under five different forms(or entities).

Five Types of Entities:

  • Sole Proprietor
  • Partnership
  • Corporations
  • Associations
  • Limited Liablility Company (LLC)

The decision that you make will affect how you are taxed and plays major roles in management, owner liability, ability to raise capital, and the liquidation process. As your business changes it is also possible to change your form of entity. This could be simple or a very complex. By making an initial informed decision you can save a lot of time and expense.

Understanding both the tax consequences and the operating procedures under each form of organization is vital in the succeess of you as a business owner. R.E.J's can provide you with an excellent source of information regarding entity considerations for your specific situation.

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