Q: Should I set up an LLC, or an LLP, or Incorporate?
A: Many factors must be considered when choosing the best form of business ownership or structure. The choice you make can have an impact on multiple aspects of your business, including taxes, liability, ownership succession, and others. The most common forms of business structures are sole proprietorship, partnership, corporation and S corporation but a more recent development to these forms of business is the limited liability company (LLC) and the limited liability partnership (LLP).
Because each business form comes with different tax consequences, you will want to make your selection wisely and choose the structure that most closely matches your business’s needs.
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