You need to decide on a corporate structure, and each one has different tax and legal implications. There are five corporate structures:
- Sole Proprietor
- Limited Liability Company (LLC)
- S Corporation
- C Corporation
Use this Corporate Structure Comparison Chart and the information you received when you consulted with both a CPA and attorney in the Research Phase to choose a corporate structure.
Among other things, your corporate structure choice will dictate 1) how you will be taxed by federal and state governments with regard to income taxes and 2) how your personal and business assets are protected from legal claims.
Please note Start My Gainesville Business and its owner, Stephanie G. Travis, are not qualified to give you tax or legal advice. Please consult with a CPA and attorney when making corporate structure and tax decisions.