Types of Entities

Not sure which type of business to set up?

Setting up a new company can be daunting. To get started, review the different formation choices below to see which option is right for your business.


Good to Know:

A general partnership involves at least two people, with no maximum on the number of partners allowed. There are no state filings required to form a partnership. Taxes are collected on individual partners, not on the entity. A limited partnership is a statutory form of partnership consisting of one or more general partners who manage the business and one or more limited partners who invest in the business and do not participate in management.

Need to Know:

Liability is unlimited for general partners – meaning personal assets can be seized to satisfy business debt. Limited liability is extended for limited partners who do not participate in management.