You and your colleagues decided one day to form an engineering consultation firm. After you have decided on the financial matters, you are now planning to adopt a business structure that will be the identity of your company. A corporation structure may suit your business needs. However, one of your friends suggested that you adopt an LLC business structure instead of a corporate structure.
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You want to have your own business, but you are not sure whether you will adapt a sole proprietorship, a partnership, or a corporation. Although you have three structure options in a row, but you are still undecided. You are looking for a structure that will provide you the utmost personal security from liability and at the same time giving you the best tax advantage. You are also considering the most flexible in terms of management structure. Which is which?
