A Passion For Helping The Community.
A Focus On Results.
A Dedication To Excellence.

What kind of business organization is right for your company?

The kind of business organization you choose for your company may depend on things like what goods or services your company produces and how many people will be at the top running the show, plus the degree of personal liability you feel comfortable taking on. Some kinds of businesses naturally lend themselves to certain basic frameworks. Comparing and contrasting the four major types of business organizations and then thinking about how your company operates will lead you to pick the appropriate organizational plan that truly compliments your business.

Factor in your own personality and management style. Do you prefer working in collaboration with another person or several others, or boldly forging ahead by yourself? It’s worth mulling over carefully. These are fundamental decisions that will powerfully affect your company’s success and longevity.

Standard types of business organizations

 Which of the following resonates favorably with you?

  •   Partnership: At least two people are owners, although there can be more .They pitch in on the managerial duties. Partnerships can be joint ventures, general partnerships or limited partnerships.
  •   Limited liability company (LLC): This classification can get complicated. There is wide latitude as to how many owners there can be. Your liability is capped at how much you invested.
  •   Sole proprietorship: With this arrangement, you are alone at the helm. If that prospect makes you nervous, a sole proprietorship may not be for you.  
  •   Corporation: A corporate entity features a board of directors. There are also officers and shareholders.

Consult a qualified person you can rely on

Have all the information you need from a trusted source before picking a business configuration for your company. All the nuances and details can be daunting, so sort them out with advice from a professional.