So . . . you’re starting a business. You’ve decided on a name. Your next step – figuring out a structure.
Business structures come in several different different flavors. The right one for you depends on who you’re going into business with, what kind of business this will be, what size business you’re planning, what non-business assets you might want to protect, and the founders’ individual tax situations. In general, the more formal and complicated you get, the more protection you get in return – but you have to keep up with the formalities, and pay for the resulting protections.
We’ll look at each, going from simple to complicated.