Legacy Counselors At Law

Business Entities

Types of Business Entities

In simplest terms, a business entity is an organization created by an individual or individuals to conduct business, engage in a trade or partake in similar activities. There are various types of business entities — sole proprietorship, partnership, LLC, corporation, etc. — and a business’s entity type dictates both the structure of that organization and how that company is taxed.

When starting a business, one of the first things you want to do is choose the structure of your company — in other words, choose a business entity type.

This decision will have important legal and financial implications for your business.