Do you know which business type is right for you? States generally allow businesses to operate as sole proprietorships, partnerships, corporations, and limited liability companies (LLC), and some have variations on these basic business types such as professional corporations and limited liability partnerships.
Each business type serves a specific purpose, situation, or concern relating to the type of your business/profession, taxes, liability, your control of management, and how you receive profits and losses. In addition, there are state architectural board requirements and ongoing corporate governance issues, shareholder agreements, employment retention and ownership transition issues to deal with in the life of your business.
Do you know? is a column brought to you by LegaLine, a service that gives you, as an AIA member, access to legal professionals who can help you manage risks and minimize claims—whether you’re dealing with clients, contractors, employees, or others. This is just one example—where LegaLine can provide you with further information about business types, help you identify key issues, and where necessary, alert you to specific matters that will require further the professional experience of attorneys, accountants, and brokers.
Learn more about what LegaLine service can do for you and your architecture firm–visit LegaLine or call (800) 688 9780 to learn more.