Business Structures

Should you launch your business as a sole proprietorship, partnership, LLC, or something else?  There are many options, but which would be the right decision for YOUR business?  Decisions, decisions, decisions!

The U.S. Small Business Administration defines the types of business structures as follows:

  • Sole Proprietorship - A sole proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities.
  • Limited Liability Company - An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.
  • Cooperative - People form cooperatives to meet a collective need or to provide a service that benefits all member-owners.
  • Corporation - A corporation is more complex and generally suggested for larger, established companies with multiple employees.
  • Partnership - There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business.
  • S Corporation - An S corporation is similar to a C corporation but you are taxed only on the personal level.

Understanding the pros and cons associated with the various types of entities will be important before you make a decision. The good news is.. we’ve got some great resources to help you decide what will be right for you.


Connect with the PEN Partner that can help you decide on the business structure that is right for your company:

Pasco Economic Development CouncilSmall Business Development Center at USF

CONTACT ME
Business Structures
Krista Covey
SMARTstart Pasco Business Incubator Director

Email: .(JavaScript must be enabled to view this email address)
Toll free: (888) 60-PASCO or (888-607-2726)
Telephone: (352) 437-4861
Upcoming Events...

April 4, 2017
SCORE - How to Apply for a Business Loan
Date & Time: April 4, 2017 (5:30 pm - 7:30 pm) Location: Centennial Park Branch Library  Registration: FREE This is a workshop,…
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April 11, 2017
SCORE - How to Really Start Your Own Business
Date & Time:  April 11, 2017 (5:30 pm - 7:30 pm) Location: Hudson Regional Library Registration: FREE Introduction and overview of…
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April 11, 2017
SCORE - Marketing to Grow Your Business
Date & Time:  April 11, 2017 (5:30 pm - 7:30 pm) Location: Land O'Lakes Branch Library Registration: FREE Learn how and…
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