After months of hard work, you finally have a product or service tested diligently with market research and a launch plan. Now comes the time to officially register your business. State registration requires a designated structure, a decision that should be made based on the goals of the founder.
Will you be a solopreneur or are there multiple partners? Are loans needed from financial institutions? Do you plan to go public someday? The answers to these and other questions can help guide you in choosing the appropriate structure. In this column we’ll look at the most common types of for-profit companies and how each influences business operations, ability to raise funds, taxation and personal liability.