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Selecting a business type, and why it's important

One of the most important decisions you will make as an entrepreneurs and a soon-to-be business owner is not what your product or service is. Nor will it be your company name or your social media footprint. In fact, your most important decision won't even be who you hire as your first employee. Instead, one of the most important decisions you will ever make will seem like a relatively simple one: what is your business structure?

In other words, what type of business are you? And we don't mean "type" as in being a service company, or a retail company, or a business in the fishing industry or tech industry or any industry. By "type" we mean a partnership, or a corporation, or a non-profit.

There are many different business types, and depending on which one you choose, it will impact your ability to grow as a company and it will determine how much liability you take on, as a person, if your business accrues debts and can't pay them off. Your business structure is a hugely important aspect of your company.

From partnerships and LLCs, to corporations and co-ops, there are many options that a new business has when selecting their business type. Going through this process without an attorney, though, can be perilous. It could put you at legal risk later in your company's existence. At Bromberg Rosenthal, we can help entrepreneurs and new business owners legally and properly establish their companies in their respective industry or field.

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