When you decide to start a new business, you are faced with deciding what type of company your business is going to be. The company you select is going to represent your company legally and for taxes. The options you have to choose from when you select your company are:
· Sole Proprietorship
· Partnership
· Limited Liability Company or LLC
· Business Corporation
Each company is different and will reflect different for your business. Take time and research what company is going to work best for you and your business.
A Sole Proprietorship is one of the most common companies used for a single person business. It is the most simple and uncomplicated company you can use for your business. The single person is responsible for the entire business and does not need to consult with other employees within the business when making a decision.
A Partnership is when a business is formed or owned between two or more people; everyone involved will be considered partners or joint owners within the business. All partners are accountable for the business; the profit, the lost, etc. When choosing a Partnership, you will have to make the choice to be a General Partnership, Limited Partnership or a Joint Venture.
A Limited Liability Company or LLC is a very flexible company for a business. You can run your business as a corporation or as a partnership. There are many different tax obligations within the state you are running your business, be sure to check with your state to see what you will need to do to meet these obligations.
A Business Corporation is the most complex type of company you can have for your business. A business corporation will take time and money to set up. Most business will start as another company and move into the business corporation company. This company will keep your personal liabilities separate from your business liabilities.
If you are thinking about starting your own business you may wonder why you should become a New York limited liability corporation. Starting your business as a partnership or a sole proprietorship is easier and more convenient in the beginning but you may lose out on some of the benefits of being a small business owner.
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