Tagged: Business Structure
- October 31, 2017 at 3:41 pm #114358
Hi there I’m leaving in Maryland and I have website idea related to automotive, here is my question, I tried to open business and corporate it but I’m not sure what type of business I have to choose! They are ( sole proprietorship-general partnership- limited liability company-none Maryland limited liability company- close corporation and it’s just myself no partners.
Thank you in advanceOctober 31, 2017 at 4:29 pm #115053
Good to see you in the forums! There are several factors that determine which legal entity you should choose, but it becomes easier if you’re the only owner. You want to choose one that will protect you from having liability for business actions, but you also want to make sure that you get setup the way you need for your business and/or your personal taxes. Without knowing more information than what you’ve provided, we typically recommend an LLC for many businesses if liability is a concern at all.
You can read our guide to the best business structure to learn more about the pros and cons of each type of entity. Hopefully that will answer any questions you might have. Good luck!