Types Of Business Formation Harrisburg
Starting a business venture is all about having the right idea and the will to follow through on it. As many business men will tell you a new business is also having faith that your idea will take off to give you something back on your investment and make profits eventually. In most cases this is easier said than done. However to assure that choosing to start a business doesn’t blow back on you, you can take measures to avoid the risks involved or just to minimize them. The best way to do this is to find the right Business Formation Harrisburg for you and the right lawyers to help you get it right.
There are 5 different types of business formations Harrisburg you can choose from as shown below.
1. Sole proprietorship- This business formation Harrisburg is the simplest when it comes to setting up as it allows you to have the sole ownership to your small business. Although there are no papers to fill and in most cases you don’t need a lawyer to set it up, it very risky as you and your personal assets are not protected or protected from the business.
2. General partnership- with a group of people you trust you can easily set up this king of business formation in Harrisburg, however, its notable it also offers no protection as seen on the sole proprietorship.
3. Limited Liability Partnership- This formation requires at least one general partner and a limited partner. For this formation there is need for documentation, the limited partner will in most cases be protected from any liability unlike the general partner.
4. Corporations- This is deemed as one of the best formations as the business is held as its own entity thus providing protection to all the share holders involved.
5. Limited liability company- In some ways this business formation Harrisburg has the same liability terms with corporations, however a good lawyer will explain all the nitty-gritty involved in this formation.
To understand which business formation will suit you best, companies such as Serratelli Schiffman & Brown P.C. will be there to help you make the right decision for your business venture.