Four types of companies for the way you want to conduct business

Starting a business in Georgia can be scary, but it is exciting too. It can also be confusing and more than a little frustrating to wade through the paperwork that comes with such a venture. There are many decisions to make before you even open the doors, decisions that will impact your business and how it operates. The team at the Roberts Law Firm often helps people understand the pros and cons of these choices so they can make informed decisions and get their business started on the right foot.

The University of Georgia Small Business Development Center explains that small businesses are defined as those that are owned and operated independently. They must have fewer than 300 workers or less than $30 million in annual revenue. There are four types of businesses to consider. You can form a sole proprietorship, partnership, corporation or limited liability company.

  1. Limited liability company: This form has features of both a partnership and a corporation. It can be a complicated process to form an LLC, and it is best considered after discussions with an attorney. You will need an employer identification number, and if you plan to work out of your home, you likely will need a business license too.
  2. Corporation: There are many steps involved in forming a corporation. Along with reserving a name and filing incorporation papers, you will need to advertise your intention, elect officers and directors, adopt by-laws and issue stock. You must keep records of meetings and decisions made by directors and register annually with the state.
  3. Partnership: Two or more people can form a partnership in order to conduct a business or trade. Each partner adds their own time, talents and money, and each one shares in the ups and downs of the company. It is a good idea to make the partnership a formal agreement and put it in writing.
  4. Sole proprietorship: If you want to work as a sole proprietorship, you can form the business in your own name. You need to register your business with county officials where you live. There is no separation between business and personal activities, so you have more flexibility with this type of business.

Many people consider starting their own business at some point in their lives, and there are many resources that can help make the process easier. Get more information about forming a business on our webpage.

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The Roberts Law Firm, P.C.

The Roberts Law Firm, P.C.
604 Green Street
Gainesville, GA 30501

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