Picking a business structure is usually the first big decision for any new business owner. My own companies have helped tens of thousands small businesses get started with an LLC or corporation — and as such, I’ve heard countless reasons why business owners think they should (or shouldn’t) incorporate. There are some common misconceptions associated with incorporation, often related to trying to avoid state taxes or any liability.
To help new business owners better understand the benefits and limitations of corporations and LLCs, here’s an overview of some of the key facts, divided into three main areas: liability protection, taxes, and formality.
The Right and Wrong Reasons to Incorporate or Form an LLC
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