Choosing the type of legal entity for your business is an important decision. Each type differs in:
- Ease of formation and administration
- Various tax savings
- Personal liability protection (asset protection)
The traditional forms of business organization are sole proprietorship, limited liability company, and corporation. The most frequently used business entity is Limited Liability Company (LLC) for various beneficial reasons such as stated above.
The following sections describe the different types of primary organization, and the advantages and disadvantages of each. Although we discuss some tax issues, make sure you consult your tax accountant or lawyer for details.
Click on any entity name listed below to learn more about that particular business structure.
Please do not hesitate to contact us at (520) 797-1400 for a free consultation regarding these matters.