Types of Business Ownership: Choosing the Right Structure for Your Business

Bill Carmody discusses the importance of choosing the right business structure for legal and tax protection. He covers various types of business ownership, including sole proprietorships, partnerships, limited partnerships, corporations, LLCs, and cooperatives. Each type has unique implications for liability, taxation, and management. Carmody emphasizes consulting with legal and financial experts to make informed decisions that will impact the business long-term.

What are the advantages of forming a limited liability company (LLC)?

How do tax implications affect the choice of business ownership structure?

Why is it important to consult with a lawyer or accountant when deciding on a business structure?