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Starting a Business? Get Familiar With the 3 Most Common Entity Types.

3 39 14
10.09.2021

Starting a business is one of the most exhilarating experiences you can have. After all, you’re the beating heart and soul of your new company, and its success is your success.

But the will to form and own a business doesn't automatically equip you with all the information you need to make your dreams a reality. You'll have a full list of things to research and understand on the way to financial independence.

One of those research items is understanding the kinds of companies out there and then asking yourself, "What kind of company is right for me?" Answering this question takes some thought about what you want to accomplish with your company, what you'll provide and who you plan to employ.

Related: 7 Mistakes to Avoid When Choosing Your Business Entity

If you're a crafter or an artist creating something unique your own or a freelance designer, editor, writer or other service provider who works alone for different clients as needed, this is most likely the kind of company you'll be starting (at least until you decide to expand).

Doing business as a sole proprietorship is........

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