What kind of business should I form?
When it comes to forming a business in South Carolina, the type of business you decide to form will depend on the type of business you want to have and the goals you want to achieve. Some of the most common types of businesses in South Carolina include: sole proprietorships, general partnerships, corporations, limited liability companies (LLC), and professional corporations. A sole proprietorship allows an individual to conduct business as an individual with unlimited personal liability for business debts. A general partnership is a business created when two or more people work together to manage and operate a business. Corporations are legal entities with the same rights and privileges of people and are usually formed to raise capital and protect shareholders. A limited liability company (LLC) is a business structure that provides limited personal liability for the owners and members of the LLC, but provides some of the same benefits as a corporation. Professional corporations are corporations specifically created to provide services that require a professional license. So, the choice of which type of business to form depends on the type of business you are looking to create and achieve. If you are looking for a business that offers personal liability protection, then a corporation, LLC, or professional corporation may be your best bet. If you are looking to start a business with a partner and share the liability, then a general partnership or LLC may be right for you. Speak with a lawyer or professional to get advice and make sure you make the right choice.
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