A limited liability company and entrepreneur/commercial name are the most common types of business entities for new businesses. Partnership and limited partnership are sound choices in many circumstances.
What is the best choice for you?
Business entity types differ from each other in these respects, for example:
- Is the entrepreneur personally liable for the company's commitments?
- How flexible is the company's decision-making?
- How are the company's profits divided between owners?
- How is the company taxed?
You should go through the various types together with an expert.