Choosing the right business structure is the first step of business creation. Each type of business structure comes with legal and financial implications, and it is up to you what you’re trying to achieve, how big your business is, and what your industry is. Common options include: 

• Sole Proprietorship: Simple and cost-effective, this structure is ideal for individuals running a business alone. However, it offers no separation between personal and business liabilities.
• Partnership: A relationship in which two or more people co-own the business, profit and losses.
• Limited Liability Company (LLC): Between a corporation and a partnership, LLCs are both liability protected and flexible.
• Corporation (C-Corp or S-Corp): Suitable for businesses that wish to seek investors, corporations provide liability insurance and a straightforward structure of governance but are more complicated to maintain.
• Nonprofit Organization: Set up for public or community benefit, nonprofits enjoy tax advantages and subject to tight regulatory standards.

We at My Startup Lawyer work with you to understand your needs and help you chose the structure that works best for your business and vision.