• Sole Proprietorship – The simplest business structure, where an individual owns and operates the business. While easy to set up, a sole proprietorship offers no liability protection, meaning personal assets could be at risk if the business faces legal or financial issues.

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• Partnership – A business owned by two or more people who share profits, losses, and management responsibilities. Partnerships can be general partnerships (GP), where all partners share liability, or limited partnerships (LP), where some partners have limited liability and involvement. A well-drafted partnership agreement is essential to prevent disputes and protect each partner’s interests.

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• Limited Liability Company (LLC) – An LLC provides limited liability protection while allowing for flexible management and tax benefits. An LLC can be structured for:

  • Family Businesses – When all members are related, forming an LLC ensures your family retains control and benefits from your hard work. This structure simplifies succession planning and shields personal assets.

  • Partnerships with Non-Family Members – An LLC can also accommodate non-family business partners while protecting your family’s stake in the company. With a properly drafted operating agreement, you can safeguard your family’s financial interests while allowing for external investment or collaboration.

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• Corporation (C-Corp & S-Corp) – A corporation is a separate legal entity that provides the strongest liability protection. Corporations can issue stock and raise capital, making them ideal for businesses seeking growth and investment opportunities.

  • C-Corp – Suitable for larger businesses, with no restrictions on shareholders but subject to double taxation (corporate and individual tax levels).

  • S-Corp – Avoids double taxation by passing income through to shareholders but is limited to 100 U.S. shareholders and requires strict compliance with IRS regulations.