Either at the time a business is first started or at a time when it becomes firmly established, the owners of a business will have to make a decision about how to legally structure the business. Common options for business formations include partnership, incorporation, and a limited liability company. There are other forms of business organizations that can be created such as a Limited Partnership, Professional Corporation, Non Profit Corporation, etc., which may be appropriate for use by a limited number of businesses.
The selection of the form of business is a serious decision and should be carefully drafted by an attorney after reviewing the individual business plan and goals and objectives and should also be carefully reviewed by the individuals forming the business entity, their respective accountants and financial advisors.
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