The Small Business Development Center of Hampton Roads, Inc. is the service provider of first choice for the region’s small business community. By offering free, confidential one-on-one business counseling, low-cost training, research through SBDCNet and referrals to top-flight service providers, we assist in maintaining and growing this vitally important segment of the region’s economy.
Of all the choices you make when starting a business, one of the more important issues is the type of legal organization you select for your company. This decision can affect how much you pay in taxes, the amount of paperwork your business is required to do, the personal liability you face and your ability to borrow money. Business formation is controlled by the laws of the state in which you business is organized.
This section will provide you with a quick overview at the differences between the most common forms of business entities.
The most common forms of business are:
The answer to the question: “What structure makes the most sense for my business?”, depends on the individual circumstances of each business owner
The most important thing a prospective small business owner can do is to consult with an attorney in order to receive the necessary information to properly establish and maintain a company’s legal identity and structure.
