How to Select a Business Entity
Considerations When Selecting a Business Entity
Written by J. Mance Gordon
Updated at April 21st, 2024
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How Do I Select a Business Entity?
You should choose a business entity that accommodates your intended business operations and growth at the appropriate stage of your business life cycle.
In selecting a business entity, one must understand the attributes of each business entity type in making a choice. The attributes that the entrepreneur must evaluate are as follows:
- Creation Process
- Ownership Structure
- Operational Control and Decision Making
- Personal Contract and Tort Liability
- Compensation & Tax liability of the business and owners
- Tax Consequences
- Governance and Entity Maintenance Requirement
- Continuity of the Business Entity
Related Topics
- What are Business Entities?
- Holistic (Detailed) Overview of Setting Up a Business Entity
- What is a Closely-held vs Publicly-held Business?
- What are the main types of business entity?
- What is Sales & Use tax?
- What are payroll and self-employment taxes?https://thebusinessprofessor.com/business-governance/maintenance-requirements-for-a-business-entity