There is a significant difference in whether you treat your business as a sole proprietorship (personal entity), or whether you wish to establish a separate legal structure. The sole proprietorship is certainly easier in terms of management, paperwork and tax filings. This ease comes with some additional exposures because your business is totally co-mingled with your personal assets. Often it is difficult to separate the two.

By establishing a legal entity you have consciously divided your business and personal assets.  You get a layer of protection between the two and a number of benefits, but this also comes with a cost.  You must be able to manage and understand your business, you will have more paperwork, and you must think more about your business decisions.

While initially this decision process may seem overwhelming, we have assembled unbiased information to guide your selection of the most appropriate business structure. Links to additional sources are available for more detailed information

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