Starting a business comes with a lot of stress, especially if you've never started a business in the past. You will want to have as much information as possible and even an attorney by your side. Here are the types of business entities available in Cincinnati for your business.
A limited liability company, or LLC, is a designation that provides the limited liability of a corporation plus the tax efficiencies of a partnership.
A sole proprietorship is the most basic type of business entity available in the city of Cincinnati. There is only one person who owns the company -- you. You are responsible for the liabilities and the assets of the company.
A cooperative is formed when people hope to meet a collective need or provide a service that benefits all members who are owners within the company.
An S corporation is an entity that is comparable to a C corporation, but the advantage of this entity is that you will only be taxed on the personal level.
A partnership business entity is available in different types. The type of partnership you choose for your business depends on the arrangement you have and the responsibility present for the business.
A corporation is a complex entity option for your business. This type of entity is for larger companies that have been established for some time and have multiple employees.
Starting a business in Cincinnati? Working with an experienced business attorney can make the process easier for all involved and ensure that you choose the proper entity.
Source: U.S. Small Business Administration, "Choose Your Business Structure," accessed July 13, 2017