Choosing an Organizational Form

April 13, 2006

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At first glance, as a small business owner, you are faced with a somewhat confusing array of organizational forms in which you can operate your business:

sole proprietorship
general partnership
limited partnership
limited liability company
limited liability partnership
several types of corporations

This section will dispel the confusion by giving you an overview of the major characteristics of these forms, and then providing discussions on the nature of limited liability for business debts, as well as the impact of both business and personal liability on structuring/funding issues. Finally, we'll conclude with your likely options.