When you form a new business, you must choose the type of organizational structure for your business, e.g. Sole Proprietorship, Partnership, Corporation, or Limited Liability Company (LLC).  The type of entity you choose determines how your business will be operated and how it will be taxed. 

The main reason most people form a legal business entity is to safeguard their personal assets. By incorporating, or forming a Limited Liability Company (LLC), you're free to conduct your business without worrying that you might lose a home, a car, or any of your personal savings because of a business liability. This is, in fact, one of the best moves you can make to protect your personal property when you own your own business.

Sole Proprietorship or Partnership		Corporation or Limited Liability Company (LLC)		Licenses & Permits
The simplest way of forming a business is as a Sole Proprietorship or Partnership. You need to file a form called DBA (Doing Business As) or FBN (Fictitious Business Name). You also need to apply for the necessary licenses & permits.		A corporation is a legal entity that can exist separately from its owners. An LLC is a distinct type of business that offers an alternative to partnerships and corporations. Each one has its advantages and disadvantages.To learn more about creating a corporation or an LLC, please contact our partner below. In addition to incorporation, you will also need to apply for the necessary licenses & permits.		Business licenses & permits are mandatory for most businesses. You will need to apply for one or more licenses or permits, where applicable, in order to legally start your business operations. Depending on the type of business, you may have to apply with federal, state, county, and municipal governmental authorities. Incorporating is optional, Licensing is mandatory!