When starting a new business, getting the structure right is extremely important, and can impact the long-term success of the business. A business can be a sole proprietorship, partnership, Limited Liability Company, or Corporation. Within each of these general types there are many subtypes (limited liability partnership, S-Corp, C-Corp, etc.), but before you can consider them, you need to first decide what structure works best for you. Generally, those who are best served as a partnership or sole proprietorship will know that as we did at Sterling Heights Photo Booth, as they are uniquely different from the others. With LLCs and Corporations, however, there are many similarities which can make it confusing as to which is right for you.
But when thinking about forming either a Corporation or LLC, what you want to think about is the ownership structure and future aspirations. With a Corporation, there are shares of ownership …