The best business structure for your entity depends on important factors such as liability, number of owners, management structure and business goals. For a better understanding of what business type is right for you, let's take a look at some of the most common business types in the US:
Sole Proprietorship: A business owned by one person and not considered to be a separate legal entity.
Limited Liability Company (LLC): A business structure that protects its owners from personal responsibility for debts and liabilities.
General Partnership: These businesses are made up of two or more partners who agree to start a business together.
Limited Partnership: A partnership made up of two or more partners in which the general partner runs the business while the limited partner does not actively manage the business.