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Forming a legal business entity or structure has many advantages, with the most notable one being protection against business liabilities. According to a report by LegalZoom, incorporating a business with the Secretary of State Offices costs between $100 to $250, depending on where an organization is filing for incorporation. Choosing a legal entity is an important consideration when starting a business.
Typically, entrepreneurs should choose legal structures for their business before registration. While all business structures have similar requirements, each state has set unique rules for structuring a corporation. Keep reading to understand various types of business legal formations in the US and their regional differences.
Sole Proprietorship
This is the most common type of business structure because it has minimal requirements compared to other legal entities. Other benefits of sole proprietorship include easy tax filing and it’s tax deductible. This business model appeals to service providers like freelancers, consultants, and established ventures, like retail stores. To start a sole proprietorship business, you don’t need to register with the state. However, many states require sole proprietors to apply for general business licenses and permits, depending on their industry.
In a state like Alabama, sole proprietors don’t need a general business license. Instead, they apply for a privilege license approved by a probate judge in the county they plan to set up their business. Cost of starting a sole proprietorship also varies across the country. For example, in Washington State, sole proprietors pay a filing fee of $20, while those in Florida spend about $50. So, take time to research the regional differences of sole p… Read More
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