As any aspiring new business owner, you may be in the midst of writing a business plan and envisioning your future successes. At the early stages of business formation, oftentimes, clients are flooded with a wealth of information and overwhelmed with decision-making. Too often, clients rush right into entity formation without fully understanding the reasoning behind their first big decision.
In New York State, there are six basic entity structures that exist: sole proprietorship, limited liability company, general partnership, limited partnership, corporation and not-for-profit corporation. A basic understanding of these business structures can help you to find the right type of business entity for your new venture.