The business entity is the foundation of the business in the same way that the frame is the foundation of the house. If the foundation is shaky or cuts corners, it will inevitably affect the business down the line.
Selecting a legal structure for your business defines the company legally and strategically. You also need to select a legal structure for your business in order to comply with the law in your state. Each type of business entity has its own paperwork requirements, tax ramifications, personal asset protections, and costs.
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