Which Business Type Will You Choose?
You’re on your way to starting a business. Maybe your business plan is already finished and your financing is secured. If you haven’t settled on which type of business entity you should form, now is the time to investigate your options and make a decision.
Last week, we introduced a series of articles describing various types of business entities, focusing on the basics of an LLC. Of course, an LLC is not your only option. Here in Pennsylvania, there are many different types of businesses for you to choose from, including:
- Sole Proprietorship
- Corporation (including subchapter S Corporations and Nonprofits)
- Limited Liability Company
- General Partnership
- Limited Partnership
- Limited Liability Partnership
We’ll also discuss registering Foreign Businesses, which are those formed in other states or jurisdictions, Fictitious Name Registration and Application for Registration of Mark.
Choosing the right type of business can be a determining factor in the long term success of your endeavor. Your decision will likely be impacted by the legal considerations and tax structure that are most favorable to your situation. Each option has its advantages and disadvantages, and it is smart to examine the characteristics of each option before you settle on one. It is also wise to consult with a legal professional to advise you along way.
If you need guidance selecting the right type of business to file, or any other matter related to managing your business, the attorneys at the Scolieri-Beam Law Group, P.C. can help. Located in western Pennsylvania, our attorneys are experienced in Pennsylvania business law and can take care of the details for you, including the formation of a legal business entity if needed. Contact us today at (412)765-0546 or info@scolierilaw.com.