This depends on what your business is. The most common models are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

For a smaller business, a sole proprietorship or partnership might suit your needs. These business models are ideal for companies just starting out, where liability isn’t much of a concern. If you are worried about liability, an LLC can be an ideal route, as it prevents the owner from being held personally liable for debts or lawsuits associated with the business, unlike a sole proprietorship.

You can always change from one business model to another as your business grows. What started out as a sole proprietorship can grow into an LLC and then a corporation. Talk with one of our business lawyers to understand what set-up is best for your business.