Many people start their business as quickly as possible to start making money, but in reality businesses really should at least investigate, evaluate, consider and then choose an appropriate legal structure for the business - and it is not always straight forward nor simple nor irrevocable. Clearly, if possible you should contact a good lawyer for advice.

The more common structures to consider include:

Sole Proprietorship - A sole proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities.

Partnership / Limited Partnership - There are several different types of partnerships, which depend on the nature of the business that is established in the partnership agreement. Limited partners may have less liability, but other partners share full responsibility for the business assets and liabilities.

Limited Liability COMPANY - An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. An LLC can choose to be taxed as a corporation.

Corporation - There are several different types of corporations, which depend on the nature of the arrangement. A corporation is more complex and generally suggested for larger, established companies with multiple employees. The S corporation can avoid the "double taxation" issue by using pass through taxation.