- Sole Proprietorship – A sole proprietorship is the most common method of starting a business. Once you file a fictitious name in your county, you can then operate legally and open a bank account.

- Partnership – If you are part of a general or limited partnership, draft an agreement recognizing the partnership filed with the state.

- Limited Liability Company (LLC) – An LLC is a cross between a corporation and a partnership. It will be taxed the same as a partnership but given protection regarding personal liability and acts. You must file for an LLC with the state and prepare an agreement between parties.

- Corporation – If your business can't operate under an LLC, you must file for a corporation for limited liability. You can get either a C or S classification to determine how you will be taxed. You must file with the state and corporate laws must be drafted. All officers or directors of the company must meet to accept the laws.

If your business is family owned and operated, plan for who will take over your small business in the chance of your passing. Don't let your business close or shut down because you aren't prepared. Work with our attorney for business succession planning to avoid tax liabilities, family tension, or business closure.