Partners can provide money to start or expand your business. Further, additional investors are generally more willing to jump aboard a partnership than a sole proprietorship, since risks and decision-making powers are often shared. Partners may know a part of your business even better than you. By combining talents and adding more input to the decision-making process, your business could be more successful than if you try to go it alone. The process of registering your business is fairly simple.
Legal advice is invaluable along the road to running a successful business.
A good accountant can help you determine the tax consequences of the business entity you choose. In addition, an accountant may be able to advise you regarding the state in which you should set up your business. On the other hand, such a move could actually increase your tax burden if you don't understand all the implications. They'll make sure the name you've chosen is still available, register your business, help you request the correct tax status, and handle the added paperwork if you decide to register your business in another state. Fees vary, but they're generally in the several hundred dollar range.