“What is the best business structure for my business?” Should I do a sole proprietorship or partnership and just file for a Fictitious Business Name (DBA)? Should I form a Corporation (Inc)? Or go with a Limited Liability Company (LLC)? We get asked those question dozens of times each day, and the honest answer is, it depends. We give advice to the best of our ability, but oftentimes, it’s helpful to get some official legal advice to make sure you understand all of the obligations, tax implications, and aspects of each business structure.
To help you understand the basics of each structure, we put together a handy little infographic. Coupled with new business stats, this should be a great starting point to understanding the differences between business structures.