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.
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