Small Business & Dissolution
Overview
Choosing the right legal entity for your business is critical to protecting your business and protecting your personal assets.
Business owners or entrepreneurs should decide at the startup of their businesses what the proper form should be.
In Massachusetts, the most common forms of business ownership are: sole proprietor, partnership, corporation, or a limited liability company. Each form of ownership has advantages and disadvantages that should be carefully weighed to ensure that the ownership form is right for you.
Knowing All Your Options
Sometimes, persons starting a new business all too often decide to incorporate without being aware of other non-corporate alternatives. As a result, taxes, filings, professional fees and other administrative costs may by higher than necessary. Each form of ownership has different tax and legal consequences.
Therefore, it is crucial to explore all the alternatives with a lawyer and choose the one that best suits your needs.
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