Starting your own business can be an exciting process. However, it is important to make sure you are well-informed before you make any decisions because some of the most important decisions about your business are made early in the business formation process.
One such decision involves your business structure. There are several structures to choose from, and the choice you make can impact how much you will pay in taxes, how much paperwork you may need to complete, how you can raise money and how much personal liability you may face. Some of the most common structures include sole proprietorships, partnerships, corporations and limited liability companies (LLCs).