Entrepreneurs must juggle countless tasks and competing priorities well before they open shop, including the creation of a legal structure. Business formation is a necessary early step when starting a business, whether you’re registering a simple DBA, incorporating or forming a partnership.
The way in which your business is formed will determine the personal liability of the founders, how taxes are paid, and other important details. For example, a sole proprietor typically makes decisions on her or his own, while a partner in a partnership must get approval from all other partners prior to making major decisions for the company. The main business legal structures are:
- Sole Proprietorship
- Limited Liability Company (LLC)
Get Immediate Help With Tax Information from the IRS
- Tax Forms: Sole Proprietorships – Filing requirements of sole proprietorships, with applicable tax forms.
- Tax Information for Partnerships – FAQs, updates, tutorials and related tax information for partnerships.
- Tax Forms: Partnerships – Filing requirements of partnerships, with applicable tax forms.
- Tax Information for Corporations – Collection of FAQs, updates and other tax information for corporations.
- Tax Forms: “S” Corporations – Filing requirements of “S” corporations, with applicable tax forms.
- Tax Information for LLCs – Overview of tax requirements for limited liability companies (LLCs), with links to forms.
- Tax Information for Nonprofits – Various updates and guides pertaining to the filing requirements of nonprofits.
Choosing a Legal Structure for Your Small Business is a big deal!
If you have specific questions about forming your business, Please contact us!.