CHAPTER 3 - HOW TO SELECT THE BEST BUSINESS FORM

What is the best form of business for you: partnership, limited partnership, limited liability company, corporation, or sole proprietorship? You should consider the management, liability, transfer to future generations, complexity, availability and taxability of employee benefits, and tax aspects of each of these forms of business.

Business owners need creditor protection from tort liability claims arising out of the operation of the business, environmental liability claims, professional malpractice exposure, and protection of assets from a retaliatory spouse during a divorce (see Chapter 18).