Legal Business Forms |
Choosing the legal structure for your business
Partnership - This usually involves at least two individuals or business entities. This form of business is relatively easy to form. Generally, General partnerships have unlimited liability of all debts. Limited Partnerships however provides limited liability (each partner is only liable for the amount they have invested). Their income is usually taxed as individual income to partners. The legal form of the business you choose is dependent on individual preferences and financial situation. If you are entering an industry that is prone to lawsuits or where individuals (customers) stands a high risk of being hurt, then you should consider a business form that shields your personal properties from your business liabilities. |
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