There three common types of business structures that you are likely to choose from. Each has its own set of advantages.
Sole Proprietor. Being a sole proprietor (sometimes referred to as an independent contractor) is a terrific way to get your feet wet in the business world. You’ll be responsible for all aspects of your business. This can provide you with the freedom to take on a wide range of painting tasks at whatever speed works the best for your business and lifestyle.
Starting a successful painting business as a partnership allows you to share costs and risks. Another advantage is that you can complement each other's business skills—after all, two brains are better than one.
Limited Liability Company (LLC). An LLC is a separate legal entity. This means you will not be personally liable for any small business debts, and your personal funds won't be put at risk to cover it. And with an LLC in place, placing your employees on a payroll is the simplest of the three alternatives.