Seek guidance when choosing a structure for your business

On Behalf of | Oct 28, 2019 | Business Formation

Consider the following scenario: You have been working on a new Ohio business for some time. You have researched many different aspects of your business from making sure you have customers to choosing the right location for your office. You feel ready to put your plan into place until you discover that you have to decide how to structure your new enterprise. We have seen the scenario above play out many times. The truth is, many inexperienced individuals do not know that they have several structures to choose during business formation. When they find out that they have an entirely unexpected yet critically important new decision to make, it can lead to further delays. For the record, the following list contains common structures for new businesses.
  • Limited Liability Companies (LLCs)
  • Sole Proprietorships
  • Partnerships and Limited Partnerships
  • Corporations
  • Co-Ops
  • Nonprofits

Each of these structures comes with a set of pros and a set of cons. In the end, it is up to you to decide which structure will meet your needs, but you do not need to shoulder this burden alone. We urge all entrepreneurs in the Cincinnati region to seek professional guidance from a lawyer skilled in business formation. While you can research business structures on your own, consulting with a lawyer is usually the easiest and fastest path to a well-informed decision. Other benefits of attorney guidance include discussions about the tax implications of each structure and conversations about your future business goals. In future posts, we will discuss these business formation and structure options one at a time and more comprehensively. In the meantime, we invite you to continue learning more by browsing our website and our legal blog.