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One of the first steps in starting a business is deciding what type of business entity should be created. There are many different types of business structures and each one has its own benefits. Some important things to think about include:
How many people will be owning the company?
To what extent do you feel comfortable being personally liable for company actions?
Are you concerned about potential tax consequences?
Is the primary purpose of your business to make you money or benefit others?
The answers to those questions will help you decide among the following five main business structures:
Limited Liability Company (LLC)
Non Profit Corporation
Additional variations of each of the five main structures exist such as a DBA, a C Corp, and an S Corp.