What Kind of Legal Form Does My Business Need?
Liability Is Your First Big Issue
Takeaways You Can Use
- A sole proprietorship leaves you without any protection from the company’s debts.
- A partnership could leave you on the hook for not 50 percent but 100 percent of the company’s debts.
- For many small businesses with little liability, a sole proprietorship or partnership is fine.
- Beyond a very tiny business, first consider an LLC.