Starting your own business is an exciting and rewarding undertaking. Being your own boss requires passion, hard work, dedication, creativity, time, and can be very expensive. As such, it is imperative that business owners protect themselves from liability while also minimizing their costs. Moreover, a business owner must assume a status that is best suited for their specific type of business. In order to make an informed decision in regards to choosing an entity status, there are multiple factors that must be carefully assessed in lieu of both your business and the law.
Do not subject yourself to personal liability or be liable for others. Assume an entity status that best serves your needs. You are a business owner—so do a cost-benefit analysis: minimal cost that results in the benefit of protecting yourself from personal liability and saving on unnecessary expenditures. The decision is easy.