If you want to start a business of your own, or are in the early stages of doing so, you are no doubt feeling a certain amount of stress about how to set it up. Your formation strategy must take into account the possibility of rapid growth while at the same time provide protection against potential short and long-term losses. It must also shield personal and family assets from any losses associated with the business itself. Finally, your plan must protect your business from a wide range of potential threats, including lawsuits, the inability of loved ones to access assets if you become incapacitated, the manner and timing of your exit from the business, tax minimization, and problematic partners and employees. All of this makes choosing the right business entity extremely important. What is the ideal entity for you? Here is a short introduction to some of the most common
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