Select a Business Entity
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Considerations in Selecting a Business Entity
The above factors are the primary considerations when selecting a legal entity to organize your business. Importantly, the legal entity that best fits a growth-based, startup may change over time. It is also common to begin as one business entity and then convert to a different entity at a later stage in the business life. 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:
- Ownership Structure
- Operational Control and Decision Making
- Personal Contract and Tort Liability
- Compensation & Tax liability of the business and owners
- Business Funding & Tax Consequences
- Governance and Entity Maintenance Requirement
Aspiring entrepreneurs should become well versed in the individual aspects of any business entity type before forming such an entity. While it is advisable to work with an experienced attorney in setting up a business entity, understanding the general characteristics of each option can save significant time and legal expenses.