Sole proprietorships or partnerships do not provide any special protection or benefits to business owners and can make your personal assets vulnerable.
A Limited Liability Company (LLC) is a great option as they are fairly simple to set up and have simple taxation and rules.
S Corporations are good for any type of business. They are more complex than an LLC but provide tax advantages for the owners.
Corporations and LLC's separate your business from you personally and provide personal liability protection of your personal assets.
Both business types allow you to enter into contracts, obtain business licenses, open bank accounts etc.
Corporations require annual meetings with the keeping of corporate minutes, where an LLC can either be member or manager managed.
LLC's offer profit flow through to the owners and you are taxed personally, while a Corporation could be subject to double taxation (at a personal and business level).
Call today for a free consultation about what the best option is for your business.
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