One of the first major decisions a business owner or owners are faced with (you know, other than creating a profitable business idea) is choosing which type of business entity makes the most sense for their new venture. Securing the right advice up front - from a legal professional - can help a business get off on the right foot and potentially avoid future headaches. Generally, the three types of business entities that are formed under various state laws are:

• Corporations

  • C-Corporations

  • S-Corporations

• Limited Liability Companies (“LLCs”)

• Partnerships

  • General Partnerships

  • Limited Partnerships

  • Limited Liability Partnerships

  • Limited Liability Limited Partnerships

Each entity presents its own set of pros and cons and making the selection of which to choose is based on the individual variables that are unique to the type of venture that is being undertaken. This post is the first of four posts in our Business Series this month that seek to provide a short summary of each of the foregoing entity types and their various characteristics. This information should form a starting point for determining which entity might be right for your business venture.

Check out our related blog posts:

An Overview Of Corporations – What Do The Prefixes ‘C-‘ And ‘S-‘ Mean When Someone Chats Me Up About Starting A Corporation?

An Overview of Limited Partnerships – The More Complex Older Brother Of the LLC

The Limited Liability Company – An Overview: You Should Probably Use An LLC For Your Business

For more information on this topic, please visit our Business Entity Formation service page, which is part of our Corporate and Commercial practice.

 Klemchuk LLP is an Intellectual Property (IP), Technology, Internet, and Business law firm located in Dallas, TX.  The firm offers comprehensive legal services including litigation and enforcement of all forms of IP as well as registration and licensing of patents, trademarks, trade dress, and copyrights.  The firm also provides a wide range of technology, Internet, e-commerce, and business services including business planning, formation, and financing, mergers and acquisitions, business litigation, data privacy, and domain name dispute resolution.  Additional information about the business law firm and its business attorneys may be found at www.klemchuk.com.

Klemchuk LLP hosts Culture Counts, a blog devoted to the discussion of law firm culture and corporate core values with frequent topics about positive work environment, conscious capitalism, entrepreneurial management, positive workplace culture, workplace productivity, and corporate core values.