How To Choose The Best Legal Structure For Your Business

Published on: 15 April 2022 Last Updated on: 05 May 2022

Starting a business can be exciting, scary, and – let’s be honest – confusing!

You don’t need an MBA or any other business degree to start a successful business. But, there are other important things that you need to make right from the beginning.

While there are many things that need to be done correctly from the start of the business, there is one thing where you cannot make a mistake Choosing The right business structure.

Your business structure is important in many ways. It decides how your business will showcase in front of others, what power you will have over your business, and most importantly, what type of taxation it will fall under.

Seeing how the current entrepreneurs are so hung up on sole proprietorship that they do not see the benefits of other business structures.

Today, we have come to take you on a journey and make you see the different business structures and what each offers to a business.

What Is A Legal Structure Of A Business?

Every new business requires the formation of a business entity that can be considered its identity in the market. This is where the concept of a legal structure comes in.

A legal structure, also known as a business ownership structure, determines the flow of power within the business, the type of income tax you need to file, and highlights the risk to which your business is exposed.

The most common legal business structures are as follows:

Sole Proprietorships.
Partnership.
Corporation.
Cooperative.
Limited Liability Company (LLC).

Types Of Business Structure

While there are many legal business structures, we have picked the most used currency in the world. This Legal Structure covers almost every aspect of legal business structure.

1. Sole Proprietorships

This is the simplest form of legal business structure. In this type of business structure, one individual is solely responsible for the business profits, debts, and liabilities.

This business structure works great for small to medium-scale businesses. This entity does not offer separation or protection of any personal and professional assets. While this is great for small businesses, it might be difficult to scale up.

2. Partnership

As the name suggests, this type of business structure is owned by two or more individuals. The legal partnership structure can be further divided into two entities: General Partnership and Limited Partnership.

A general partnership is where all the shares are equally divided among all the partners.
In a limited partnership, one individual has control over all the business operations. While others are just contributors and shareholders for the profit.

3. Corporation

When a business is considered a corporation, it becomes a separate entity from its owner by law. It is considered a separate entity that enjoys legal rights just like any other person.

For instance:

It can sue others.
It can be used.
Buy and sell a property.
It even has the right to sell the right of its ownership.

4. Limited Liability Company (LLC)

A Limited Liability is a hybrid structure that allows owners, partners, and shareholders to limit their liability while enjoying the tax and flexibility of a partnership business model.

Under the umbrella of the LLC, members of the business are shielded from any personal liability related to the business as long as they have a written LLC Operating agreement contract.

However, to do that, the business needs to have the best business bank accounts with all the necessary features.

5. Cooperative

A cooperative business legal structure follows the concept of serving the same people who are working for the business. All the members are responsible for making business decisions, and whatever the profit business samples, it is shared among the members.

A cooperative business structure offers the following advantages.

Low taxes.
Increased funding.
Better discounts and services.

Factors To Weigh Before Choosing A legal Business Structure

While an individual can choose any business structure they like, there are a few considerations you need to look into.

1. Complex Procedure

Businesses with fewer people don’t need complex procedures to rule their business operations. Instead, they can just follow a simple business format.

However, if your business has many employees and offers different types of services, you must select a business structure that can support all your business requirements.

The best way to understand what kind of legal business structure you need is essential that you understand the goals and a business structure that help you achieve the least complexity.

2. Continuity Of Existence

You are not starting a business with a lifespan of only a decade. That means, while you are planning for your business, you must plan for its continuity. Hence, it is important that you see how a business is concluding.

If you are thinking of securing your business for future financial security, you must also look into the right business structure to support your needs.

3. Control

Business is all about control. If you cannot control how your business is operated, you will never be able to calculate the ROI at the end of the day. Hence, it is essential to decide how much control each individual requires to operate the business.

For instance, if someone wants to have more control over their business, sole proprietorship might be a more suitable business structure.

4. Liability

When running a business, you need to ensure that your personal liabilities are not tied down with your business. In that case, what will happen is that your personal liabilities will be used to cope with business losses.

Hence, to separate your business from your personal liabilities, choose a legal business structure that protects your personal assets.

Conclusion

Choosing a business structure is dependent on what you want to achieve from your business. Depending on what you want from your business, you can go with any legal business structure.

While you are free to decide for yourself which business structure you want to go with, it is a good idea that you take help from a business lawyer.

A business lawyer can help you understand the differences and benefits more detailedly. They will even help you with all the paperwork needed to establish your business as a legal entity.

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Arnab

Arnab is a professional blogger, having an enormous interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, He carries out sharing sentient blogs.

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Top 10 Best Serial Entrepreneur Of All Time – 2024 Update

Most of us are accustomed to the term entrepreneur. But in case you do not know what is a serial entrepreneur is, let me define a serial entrepreneur for you. A serial entrepreneur is someone who has more than one business in their bucket. They start one business, and then if they fail, they start another one. Or, in some cases, they sell the existing business in a great deal and start another one. What Are The Characteristics Of A Serial Entrepreneur Inc. Magazine says a strong sense of optimism and a high impact threshold characterizes successful entrepreneurs. These qualities are necessary due to the high risks that they take and the long hours of launching a small company when success seems to be a mirage in the desert. They also show strong self-reliance and a desire to stay innovative. They understand that money is not everything. Entrepreneurs do not always have a guarantee of success when they open a chain of different businesses. Sometimes, just one business takes all of the focus of an entrepreneur. Top 10 Best Serial Entrepreneur Of All Time Here are the top 10 entrepreneurs of all time. Who never fails to amaze us with their new innovative business ideas. Here are the serial entrepreneur examples. 1. Anthony Mongeluzo At the age of 21, Anthony Mongeluzo started his first professional company from his parent’s house and took a step towards being a serial entrepreneur. And that is Pro Computer Services. He also had other companies when he was a teenager. He is also the CEO and President of an information technology firm in Marlton, N.J. After some time, PCS has gained regional as well as national recognition as one of the fastest-growing companies. With an annual revenue of $25 and 25 employees, PCS has offices in four states. Companies: PilotLight studios Pro Computer Services Dynamic Telecom Solutions 2. James Currier At the age of 6, James Currier started his entrepreneurial career as a worm seller, and now she is one of the best serial entrepreneurs. When he was in the 8th grade, he opened a store in his school cafeteria. By the time he graduated from Princeton University, he already had 18 little ventures in his bucket. Jiff Inc., which is well known for making HIPAA-compliant mobile software for the medical industry, is led by James Currier. He is not only the lead investor here but also the Executive Chairperson. He has also founded Palo Alto-based Ooga Labs. It helps to develop e-commerce and mobile startups along with medical software. Companies: Tickle Ooga Labs Jiff Inc 3. Ellen Thompson Ellen Thompson has experience in starting and selling companies for more than 20 years. In 1993, Thompson founded a skill-testing firm named Know It All. In 2000, Kenexa Corp. had bought more than 300,000 shares. After she founded another company named 4 Walls, she is now the CEO of the company. This company is based near Philadelphia and helps apartment owners get customers via search engine marketing and social media. The list of serial entrepreneurs will be incomplete without this name. Companies: 4 Walls. Know It All. 4. Rod Drury This New Zealand serial entrepreneur has had a fascination with computer technology since his teenage years, and he has transformed this fascination into his career. He helped found the software company Glazier Systems. In 1999, it was sold for around $7 million. He was also the founder of AfterMail, which is an email intelligence concern. In 2006, the QSFT, or Quest Software, acquired AfterMail for $15 million. At present, Drury is the director of the New Zealand Stock Exchange, the director and founder of Pacific Fibre, and lastly, the Chief Executive Officer of an online accounting portal, Xero. Companies: Pacific Fibre. AfterMail. Glazier Systems. 5. Janet Kraus Janet Kraus is the senior lecturer at the Harvard Business School and has already started and sold 2 businesses. She is the co-founder of the concierge service company Circles. With her hard work, she developed the company with a revenue of $50 million. In 2007, she sold Circles to Sodexo. Just after that, she started leading Spire. This is a high-end social media business that is related to travel. In 2010, it was sold to Perfect Escapes. He is another serial entrepreneur who finds it fascinating to start new ventures. Companies: Spire. Circles. 6. Josh Kopelman The managing director of First Round Capital, Josh Kopelman, is very fond of forming and investing in Internet companies. It has already been around two decades since he is doing this. In 1992, the Infonautics Corporation came to the public in 1996. At that time, he was attending the Wharton School at the University of Pennsylvania. Three years later, in 1999, he started Half.com, which is an online store for used music and books. But just after one year, it was acquired by eBay. He has also invested in several startups, like mint.com and StumbleUpon. Companies: TurnTide. Half.com. Infonautics. 7. Harpal Sandhu Harpal Sandhu is the Chief Executive Officer and President of Integral Development Corporation. It is a Sunnyvale, California-based company owned by this serial entrepreneur. It was 1993 when he was the co-founder of this company. This organization claims to be the only multi-sided trading network that works for foreign exchanges. Earlier, Sandhu was the president and founder of Infinity Financial Technology. In 1998, the software company SunGard Data Systems acquired Infinity Financial Technology. Companies: Integral Development Corporation Infinity Financial technology 8. Gerard Ferro It has already been more than two decades since Gerard Ferro has been setting up and running technology and health businesses. He is also the co-founder and CEO of a prescription discount business, Free For All, which is based in Marlton. Gerer Ferro also cofounded a pharmacy benefits management concern, SUNRx. He was also the chairperson and CEO of the organization. Under his leadership, this company was able to gather a revenue of $49 million in its first five years. During the late 1980s, he was also the co-founder and CEO of Simacre. Companies: SUNRx. Simcare. Free For All. 9. Oprah Winfrey Oprah Winfrey is another shining star in the sky of serial entrepreneurs. When she was in high school, he started his career in the broadcasting industry. The media empire and her group of businesses across magazine publishing, radio, and television have made her a billionaire. As per Forbes, her estimated net worth was $2.8 billion in 2018, and she is the wealthiest woman in show business. In 2011, she launched OWN or Oprah Winfrey Network. The official website of OWN claims that 70% of homes in the United States have OWN. Companies: Oprah Winfrey Network. Harpo Productions. 10. Richard Branson In 1970, when Sir Richard Branson was around 20 years old, he started a mail-order record business. After that, it was time for a record shop in London. Within a couple of years, he built a studio, where “Tubular Bells,” an instrumental by Mike Oldfield. His Virgin Group now has around 200 companies in more than 30 different countries. Branson is also famous for promoting various social causes using celebrity power and his wealth. Being a prolific blogger, he also has written a book, which is published with the name “Screw Business as Usual.” Companies: Virgin group. 11. Elon Musk Any list of entrepreneurs is incomplete without Elon Musk. He is the billionaire mind behind Tesla CEO and the richest person alive as of 2023. Musk’s first try at business was a small start-up called Zip2. It was a searchable business directory, which is an online equivalent of Yellow Pages. Four years after the establishment of Zip2 in 1995, it was sold to Compaq Computers for $307 million. Later, it was integrated into the AltaVista search engine. After the sale of Zip2, Musk moved on to build another company, x.com, which is an online payments app that was later known as PayPal. The company was sold to eBay for $1.5 billion. Highly by the success he invested in and founded SpaceX, Tesla Motors, and The Boring Company. In 2022, he bought the social media company Twitter and renamed it X. Companies: Virgin Group Conclusion They are those entrepreneurs who have never failed to come up with new ideas in case one fails or is acquired by others. They have a bucket full of new and innovative ideas to lead and build a successful career path. They are inspirations for this generation’s entrepreneurs who are willing to make their own identity. Learn More About: Mistakes Entrepreneurs Should Avoid When Using SMS Marketing Starting An Ecommerce Business: 9 Easy Tips For The New Entrepreneur 5 Ways College Prepares Young Adults To Become Successful Entrepreneurs

Why Is It Important To Study Masters’ Degree In Data Analytics?

What is Data Analytics? The word big data has been the buzzword for years now. Whether the data being produced by an individual or the large-scale enterprise, every phase of data requires to be analyzed for benefitting from its Data is gathered from various sources and categorized to analyze different behavior patterns. The question arises – How do we use that data? That is where Data Analytics comes in to enhance the productivity and business gain. Here are 4 main reasons which signify the need for Data Analytics: After researching the fact this has been seen that Data Science is a great field to enter right now. Above all the demand for data science is high. Even more, you can get data science jobs easily once you are done with a bachelor’s degree. Below I am going to discuss the 4 main reasons that will signify the requirement for Data Analytics. Generate Reports Reports are created from the data and are passed on to the respective teams to further action upon for benefits in business. Gather Hidden Insights Hidden information from data is gathered and then analyzed as per the business requirements. Perform Market Analysis – Market Analysis can be done to know the strengths and weaknesses of counterparts. Improve Business Requirement Analysis of Data helps in improving business as per customer requirements and experience. Reasons to consider data analytics course: Well, the Data Analytics course has some significant benefits. Furthermore, the Data Analytics course will enable you to stay in such a domain where you can easily get significant and relevant working experience. Here are the reasons why the data analytics course needs to be considered. 1) Data analytics is important for organizations A sudden rise in data is changing industries. Businesses big or small – are now looking forward to their business decisions being based on data-led comprehension. Data specialists have a huge impact on business strategies and marketing tactics. 2) Gain mastery in Data Management Technologies The first and foremost benefit of getting a master's degree in analytics gives you the opportunity to become proficient in data management technologies that are essential to know. These technologies are quite hard and challenging to learn outside of regular work hours if your current job doesn’t already need them. Having an expert teach these technologies is the most straightforward way to gain mastery of them. 3) Job opportunities on the rise The demand for data analytics is on the rise thus creating great job opportunities for individuals within this field. In today’s time, it is nearly impossible to find a brand or company without a social media presence. Shortly, every company will need data analytics professionals. So getting a master's degree in data analytics is a wise career move that has a destiny in business. 4) High pay scale for professionals of data analytics As time passes, and one gets more experience, the salaries can rise to between £30,000 and £35. Do you know the entry-level salaries for a data analytics professional range between £24,000 and £25,000? 5) Work opportunities in a spectrum of businesses As the requirement for big data has increased in almost every business today, one can decide to work across wide-ranging areas, including business capacity, sales, marketing, finance, data quality, data assurance, and more. Completing a Master’s Degree in Data Analytics with project experience adds greater credibility and makes you readily employable. It also opens up a window of possibilities with jobs ranging from a statistician to a Data Architect. Shape your career effectively with a Master’s degree in it. 6) Enter An Exciting and Future-centric Field Undoubtedly, Data Science is an incredible and exciting field of study. If you are getting a master's degree, you will get a more significant chance in data science than in your undergraduate studies. It means you must explore significant topics that you have yet to have a chance to explore. In this way, you can find an expertise area that intrigues you. If you think that data scientists are involved in the right way, then there are things that you must know. This includes things like AI, predictive analytics, and self-driving cars. This compelling project will help you determine what will work within five to ten years. In this case, a master's degree will also help you develop the skills that enable you to pursue data science. In this regard, you also think about a master's degree as a tool you can easily use as your future proof throughout your career. 7) You Can Learn Online There are several benefits of studying for a master's degree in data analytics. In this case, it will offer you your future career. Aside from that, it gives you a significant and remarkable chance to learn quickly from the entire online environment. Not all colleges and universities offer master's degrees in data science, but alone, you can do it in a fully online course. However, this is becoming a more popular option. You will have several other opportunities to get a master's degree. In addition, several online programs are asynchronous; apart from that, these programs don't have a set of course schedules. It will give you further flexibility in taking courses in the order most suitable for you. 8) Data Science is a Great Career Choice In recent times, several excellent reasons will help you launch a career in data science. Above all, this is a fascinating area with endless prestigious and lucrative opportunities to pursue. In addition, you will encounter such a skills shortage in the field, which will be worth providing significant thoughts on. Here, you can get multiple benefits to obtain a master's degree in data science. There are several fields of data science and other specializations beyond this. While looking for a master's program, it is wise to consider what areas of interest you want most. In Conclusion I have discussed why it is essential to study Master's Degree in Data Analytics above in this article. In this case, pursuing a master's degree in data analytics will open new doors to careers and higher income levels. This happens when the thought is possible. There are several fields of data science and other specializations beyond that. It is wise to think about the areas of the field that interest you the most. Doing this will also help you find potential and vital programs that fit your requirements. I hope you find this article helpful. If you have queries, please comment below! Read Also About: Having Business in Foreigner Country, Advantages and Disadvantages 5 Little-Known Founder Habits To Advance Your Career & Personal Life Delegating And Prioritizing: Tools For Managing Multiple Scheduling Demands

Why Two-Way Radios Enable More Natural Communication Than Digital Messaging?

“Hey, you there?”“Yep, go ahead.”“We’ve got a delivery backing into Dock 2. Can someone clear the lot?” Just like that, problem solved. No typing. No waiting. And not even a passive-aggressive “???” message or missed Slack notifications. Just one voice, instantly connecting with another. Ah, the beauty of two-way radio communication. That’s the difference a two-way radio makes. It’s not just about speed or reliability - it’s about something often overlooked in workplace tech: natural human communication. And as more companies lean into complex digital ecosystems for collaboration, many teams are quietly rediscovering that sometimes, the simplest tech still works best. The Problem With Digital Messaging: Delayed, Detached, And Exhausting Let’s be honest: messaging apps are great. Until they’re not. We live in a time of nonstop notifications, ping fatigue, and communication that’s oddly... sterile. Emails are too formal. DMs get buried. Group chats spiral out of control. And worse? Every message seems to demand a perfectly crafted response—preferably one with the right emoji tone. In fast-moving environments - think logistics, event coordination, construction, hospitality, security - this kind of messaging isn’t just inefficient. It’s unnatural. It forces people to shift gears mentally. From action mode to screen mode. From solving a problem to explaining it with thumbs. And that delay? It adds friction to workflows that rely on immediacy and instinct. Two-Way Radio Communication: Why Voice Still Wins? Voice is our original communication tool. It's direct. It's emotional. It carries tone, urgency, clarity - all the things a typed message can easily distort. When someone says, “I need help at the front gate,” you hear the stress, the context, the situation in their voice. You can respond accordingly. Fast. Intuitively. A two-way radio communication system preserves that real-time vocal connection, making communication feel less like a task and more like a conversation, without the need for punctuation or internet access. Real-Time = Real Response: Digital messaging, by design, is asynchronous. You send a message... and wait. Maybe they reply in 30 seconds. Maybe 10 minutes. And sometimes never. Two-way radios, on the other hand, are built for right now. You speak. They hear. They respond. Instantly. No inbox. No read receipts. Also, no “Can you repeat that? I was in a different app.” It’s communication as it happens, not after it happens. Voice Removes The Guesswork: Ever sent a message that got misunderstood? Sarcasm didn’t land? Wasn’t the urgency clear? Welcome to text. Now consider this: with a radio, someone hears your actual voice. They catch your pacing, tone, and even your background noise. Are you calm or out of breath? Is it a routine update or an emergency? Are you joking—or dead serious? Text can't do that. But your voice? It’s your most expressive tool. In critical team settings, that nuance isn't a luxury. It's vital. The Cognitive Load Of Typing Vs. Talking: Typing takes effort—mental, physical, emotional. Think about what happens every time you send a message: You craft it and reread it. Then, you rephrase it (so you don’t sound rude). You add an emoji. Finally, you hit send. You stare at the screen, wondering if it was received. Multiply that by 50 messages a day, and it’s no wonder people are mentally exhausted by “communication.” With two-way radio communication, you just say what you mean like a human. No preamble. No polish. Also, no second-guessing. Just: “Gate 3’s blocked again.” Done. Multitasking? Radios Were Built For That: Unlike smartphones or laptops, two-way radios are made for people who are moving. They’re clipped to belts, held in one hand, or mounted on gear. You don’t need to stop what you’re doing to use one. There’s no unlocking, no typing, no scrolling to find the right chat thread. Press a button. Speak. Keep working. This kind of frictionless communication is a game-changer for active jobs—warehouse pickers, parking attendants, security patrols, tech crews, you name it. Radios let you stay connected without sacrificing flow. The Group Conversation Advantage: Messaging apps can simulate group chats, sure. But they’re messy. People talk over each other. Messages get missed. Notifications pile up. And someone inevitably types “what channel is this again?” Radios handle group communication better. With channel-based systems, you can: Keep maintenance on one channel. Ops on another. Supervisors on a third. And call across when needed. Everyone who needs to hear a message hears it. And everyone who doesn’t? Stays focused. No spam, no cc's, no reply-alls. It’s communication organized by need, not inbox chaos. Radios Help Build Rapport, Even Without Seeing Each Other: Here’s a fun side effect of voice-first systems: people actually feel more connected. They hear each other’s voices all day. They pick up on personalities, tone, even inside jokes. That matters—especially on spread-out teams who rarely meet face-to-face. Typing a message feels transactional. Talking to someone—even briefly—creates a sense of presence. And presence builds trust. In other words, radios don’t just enable fast communication. They enable human communication. Fewer Distractions, More Focus: Let’s not forget: smartphones and messaging apps are distraction magnets. One second you’re opening Slack… the next, you’re checking the weather, replying to a meme, and Googling “best shoes for standing all day.” Time lost. Focus gone. Radios have none of that. They’re purpose-built for one thing: letting people talk to each other quickly and clearly. No rabbit holes. No “accidental” social scrolling. Just fast, natural conversation—then back to work. Digital Messaging Has Its Place, But It’s Not Everywhere To be clear, this isn’t an anti-tech rant. Messaging has its role. It’s great for documentation, long-form updates, or after-hours questions. But for real-time operations? Fast-moving teams? People with gloves on and things to lift? Text just doesn’t cut it. If you need fast, fluid, human-centric communication, you need a tool designed for it. A two-way radio still delivers that better than anything else on the market. Especially one that blends classic push-to-talk functionality with nationwide coverage via LTE. Talk Like A Human With Two-Way Radio Communication: We spend so much time optimizing communication—more channels, more apps, more integrations. But maybe we’ve lost something in that process. Maybe the fastest way to work better together isn’t another productivity platform. Maybe it’s just… talking. Because when you strip away the noise, a two-way radio does one thing beautifully: it lets people talk like people. And sometimes, that’s all a team really needs. More Resources: The Importance of Packaging Design in Small Business Success Aligning Your Financial Plan With Your Values 4 Ideas for Gifting Presents That Support Small Businesses

How To Choose The Best Legal Structure For Your Business

What Is A Legal Structure Of A Business?