There are six different legal entities available for operating a business. Choosing the structure that’s right for your objectives and resources is crucial for efficient operation and protecting the personal assets of the owner from liability. But making a choice can require tradeoffs. Without expert counsel, a novice business owner can’t be certain they are getting off on the right foot or even headed in the right direction. Making changes after formation is certainly more complicated but, when necessary, may represent the best solution.
Cliff Ennico is an attorney and business development consultant based in Fairfield, Connecticut. Author of 17 books and host of his own small business advice channel on Youtube. Cliff speaks nationwide to corporations, business groups and professional organizations on legal and tax issues affecting small businesses and entrepreneurs.