One of the most important decisions people make in starting a business is choosing the legal form. When selecting the form for your business, it's important to consider several factors, including how hard it is to create and maintain the enterprise, management and control issues, the importance of limiting liability, and tax factors.
The main business forms are the sole proprietorship, partnership, corporation and limited liability company. For many businesses, each form is available. However, legal and practical factors may require a particular form at a certain time. As conditions change, switching to a different form may be desirable. Here is a brief summary of each form taking into account the factors mentioned above.
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