There are a lot of decisions you’ll make when starting a business. One of the first is deciding on the structure of the business . There are general partnerships, limited liability corporations, sole proprietorships, corporations, limited partnerships, and more. Whichever structure you choose will have long lasting legal and tax consequences, so it’s really important to get it right.
Partnerships, in general, are the simplest business structures when two or more people are involved in a business. Limited partnerships have at least one general partner with unlimited liability. All other partners have limited liability. The partners with limited liability usually also have limited control over the company.