💼There are several ways to structure a business, including corporations, sole proprietorships, partnerships, and limited liability companies.
👥Corporations and limited liability companies offer limited liability, meaning owners are not personally liable for the business's debts.
💰Sole proprietorships and partnerships are easier and cheaper to start, but owners are personally liable for the business's debts.
📝Partnerships require a partnership agreement to outline the roles, responsibilities, and financial arrangements of partners.
📄Limited liability companies are treated as partnerships or sole proprietorships for tax purposes but provide limited liability for owners.