What Type of Business Entity Should I Choose?

You want to work for yourself and you have a great idea for a business. The next step is to determine what type of entity to be; proprietorship, limited liability company (LLC), S corporation, partnership, or C corporation. The order of the 5 entities goes from simple to complex with the C corporation the most complex and the proprietorship the easiest to set up and operate. I prefer the proprietorship for most small one owner companies but there are advantages and disadvantages to each of the entities and expert advice should be sought to find the best fit for your new business.