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What business structure should I choose?

When starting your business, if you do not form a formal entity, your business will automatically be classified as a sole proprietorship or a partnership, meaning you are liable for your business’ liabilities. If you do not want to risk your personal assets, form an entity and create either a corporation, a limited liability partnership, or a limited liability company. However, these are not the only options. You can also choose to do a nonprofit corporation or a limited partnership.

It’s up to the business to decide, but always keep in mind that whatever is decided will have future impact on management, ownership, and taxation, among many other consequences. 

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