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Understanding the Main Business Legal Structures

On Behalf of | Jun 3, 2016 | Business Law

Before deciding on a legal structure for your business, you need to consider how you will perform management functions and keep financial records. Also, become familiar with the primary advantage of the four types of legal structures. Once you determine how you want things done, an attorney may will be able to advise you on local laws and procedures, and file your business formation documents.

Legal Structures

Next, develop a basic understanding of each form of business. A sole proprietorship is the simplest type of business for an individual to start and dissolve. You need to file a trade name or DBA (doing business as) and make sure you have required licenses and permits. 

Two or more people can form either a general or a limited partnership. You need a partnership agreement that defines the rights and responsibilities of each partner if the business is dissolved. 

A corporation is a legal entity separate from its owners. The articles of incorporation will specify the type of corporation, name officers and specify the type of stocks held by the owners. The limited liability corporation, LLC, combines features of a corporation and a partnership.

Consult a Business Formation Attorney

Finally, consult with a local attorney that specializes in Nevada business law. An attorney can help you fully understand and weigh the pros and cons of all the various business structures. He or she will advise you on the best structure for your goals, management style, and compliance with state, local, and tax laws.

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