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Selecting your legal business structure

Step 3
Selecting your Legal
Business Structure

Determine which form of business structure is most appropriate for your operation.

There are several types of business structure to choose from: Sole Proprietorship, General Partnership, Corporation, Limited Liability Company (LLC), Limited Partnership, Limited Liability Partnership, Benefit Corporation, Non-Profit, etc. 

Each structure has certain advantages and disadvantages and ultimately the decision is yours.

In order to ensure you have all of the information you need to make this decision, consider consulting with an accountant and attorney and a business consultant.

Montgomery County businesses have access to technical assistance from organizations such as  SCORE and the  Maryland Small Business Development Center. In addition to helping you determine the best structure for your business, these resource partners can help you answer important questions such as what insurance you should consider or may be required to protect your business interests and employees. 

The Small Business Administration offers an overview of the different types of  business structures to help you determine which is best for you. The SBA web site also provides valuable information regarding business insurance.  

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