Growing Your Business: 3 Structuring Solutions

When growing your business, you face many decisions, including choosing the business structure that is right for you. Your legal team can be instrumental in helping you choose. To get started, ask yourself:

• How much control do you want over the business?
• Do you want to share management responsibilities?
• How much profit do you anticipate your business will initially make?
• Do you want to be responsible for the actions of the business?

Here are the three main ways to structure a business and the key pros and cons of each.

1. Sole Proprietorship

A sole proprietorship has one owner/operator who assumes charge of all aspects of the business, from securing capital to managing day-to-day operations.