Starting a Business
It takes a lot of time and work to start a business. It is important to consider the different aspects of each particular business structure. The type of business structure you choose will effect the liabilities you are exposed to, taxes you pay, rules and regulations you must follow, financing opportunities and the amount of startup capital required for your business.
PowerLegal will help identify the right business structure for your needs.
Types of Business Structures
Sole Proprietor
The most most basic business structure. The business owner is responsible for its assets and liabilities. Easy & inexpensive to set up.
Partnership
When 2 or more people (individuals or corporations) carry on a business with a view to profit.
Corporation
The most common business structure. Corporations are a legal entity separate from their owner. Limited liability as well as tax advantages make corporations a popular choice.
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