Entrepreneurial Protection begins with creating a solid foundation. Establishing a legal business entity is a key component of that foundation. Using our LEGAL approach, we will work with you to identify and create the best business entity for you and your business. The most common business entity formed by entrepreneurs and small businesses is a Limited Liability Company (LLC). Schedule a consultation so we can help you build your business and brand on a solid legal foundation!
Attributes of Common Business Entity Types
A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner.
- You are entitled to all profits and are responsible for all your business’s debts, losses, and liabilities.
- There can only be one Owner/Manager
- Business is not taxed separately from the owner
- Recommended if business only needs one owner to operate; doesn’t need funding or employees; doesn’t have customers/clients and doesn’t deal with money.