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A Closer Look at Business Entity Formation In the beginning, many small business ventures start out to be little more than part time work. These ventures are not very profitable at first. After some time, many small businesses begin to generate real profits, making them viable business opportunities for those who own them. For many business owners, the question soon becomes how they can protect the business assets that they have gained as their business has grown. If you want to protect your business assets, the easiest way to do so is through the process of business entity formation. The sole proprietor of a business is subject to liability that is basically unlimited. For many people, the term ‘unlimited’ may require some explanation. Basically, unlimited liability means if your business fails, you stand to lose quite a bit more than your business assets. This can include personal property, like your home or other valuable property in some states. This is why it is so important for a growing business to form a business entity. After deciding that you are going to form a business entity, it is important to figure out which type will best serve your needs. Several different types of business entities exist that are designed to organize and protect a proprietor’s assets according to their specific needs. Included among these business entities are corporations, limited partnerships (LPs), limited liability partnerships (LLPs) or limited liability companies (LLCs). The formation of these business entities afford your as sole proprietor a number of different advantages.
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The most common type of business entity formed by small start ups these days are limited liability companies or LLCs. Limited liability companies are the most popular option among startups because they are well suited to small businesses, but offer the same kind of protections that you would get from a corporation. The process of getting an LLC consists primarily of applying for it through your state comptroller’s office. Once you are granted the LLC, you will be registered with your comptroller’s office and receive a tax ID number for your business.
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When you are the sole proprietor of a small business, or you have gone into business with a partner, you should certainly speak to a business attorney to find out more about forming a legitimate business entity. By discussing your situation with a business attorney, you will be able to find out everything you need about business entities to protect your assets in the most effective manner possible. The laws governing business liability are different from one state to another, making it important to ensure that you get in touch with a business law attorney in your state to ensure that the advice you get about forming a business entity is as accurate as possible. To get started, all you have to do is search the Internet for more information about business entity formation by visiting the website of a local business attorney in your area.