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Every business owner must choose the manner in which a new business will be conducted. An individual may conduct their business as a sole proprietorship. A sole proprietorship is the simplest and least expensive form of business operation, and should be considered for any new business.
Before deciding on the sole proprietorship form of business, however, any new business owner should also explore the possibility of conducting business in the form of an entity, such as a corporation or a limited liability company (LLC). A corporation or LLC can provide: liability protection for the owner’s assets owned outside the entity, tax benefits and an organizational structure for businesses which have more than one owner.
In recent years, the LLC has become the preferred form of business entity, as it is less expensive to establish and maintain than is a corporation. However, certain types of businesses are better conducted in the form of a corporation.
Mike Sullivan is one of Sullivan Shoemaker’s attorneys to be formally recognized as an outstanding lawyer by fellow attorneys. He practices in Hastings where he deals with business planning and LLC formation as well as estate planning, environmental law and municipal litigation. He has been practicing since 1974 and has assisted hundreds of clients as they establish and change business structures. He is an advocate for business owners and gives time to speaking at various educational events.
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