Types of Business Structures
When you set out to begin a new business venture, you have hundreds of variables to consider before you can bring your idea to life. One of the most crucial decisions that you must make as a new business owner is how to categorize your business.
If you are considering beginning a new business, you need knowledgeable legal advice regarding how to most effectively structure your business. Please call your Iowa business lawyers at LaMarca & Landry, P.C., at 877-327-2600 today.
For Profit Structures
There are five types of for-profit business structures recognized by the IRS:
- Limited Liability Company (LLC)
- Sole Proprietorship
- S Corporation
- Corporation
- Partnership
Each of these structures has unique benefits, so it is important to consider each of them as you determine which is best for your business.
Not For Profit Structure
If you are forming your business as a charitable organization or foundation, as part of a faith-based organization, or other entity whose purpose is not to generate profit, there is a structure specifically for you, as well:
- Nonprofit Corporation
Though this business model can be tax-exempt, it is still governed by codes that you need to know.
Contact Us
If you are in the process of starting a new business, you are most likely aware of some of the challenges that come with starting a new business. You need an experienced business lawyer to guide you through this process. Contact your Iowa business lawyers of LaMarca & Landry, P.C., at 877-327-2600 today.
