The Ultimate Guide to Choosing the Right Business Structure: Sole Proprietorship vs Corporation

Choosing the right business structure is crucial for the success of your company. In this article, we'll compare sole proprietorship and corporation, highlighting the key differences and benefits of each.

Save 90% on your legal bills

Cimphony - AI Law Firm for small buisnesses

The Ultimate Guide to Choosing the Right Business Structure: Sole Proprietorship vs Corporation

When it comes to starting a business, one of the most important decisions you'll make is choosing the right business structure. There are two main options to consider: sole proprietorship and corporation. In this article, we'll explore the key differences between these two structures and help you decide which one is right for your business.

Sole Proprietorship: A sole proprietorship is a business owned and operated by one individual. The owner is responsible for all aspects of the business, including making decisions, managing finances, and taking on personal liability. The benefits of a sole proprietorship include:

  • Easy to set up and maintain
  • 100% ownership and control
  • Simple tax filing

Corporation: A corporation is a separate legal entity from its owners, known as shareholders. The corporation is responsible for its own debts and liabilities, and the shareholders are protected from personal liability. The benefits of a corporation include:

  • Limited liability protection
  • Ability to raise capital through stock sales
  • Professional management

When deciding between a sole proprietorship and corporation, consider the following factors:

  • Size and complexity of your business
  • Personal liability concerns
  • Tax implications
  • Future growth and expansion plans

In conclusion, the right business structure for your company depends on your specific needs and goals. By understanding the key differences between sole proprietorship and corporation, you can make an informed decision and set your business up for success.

Legal help, anytime and anywhere

Join launch list and get access to Cimphony for a discounted early bird price, Cimphony goes live in 7 days
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Unlimited all-inclusive to achieve maximum returns
$399
$299
one time lifetime price
Access to all contract drafting
Unlimited user accounts
Unlimited contract analyze, review
Access to all editing blocks
e-Sign within seconds
Start 14 Days Free Trial
For a small company that wants to show what it's worth.
$29
$19
Per User / Per month
10 contracts drafting
5 User accounts
3 contracts analyze, review
Access to all editing blocks
e-Sign within seconds
Start 14 Days Free Trial
Free start for your project on our platform.
$19
$9
Per User / Per Month
1 contract draft
1 User account
3 contracts analyze, review
Access to all editing blocks
e-Sign within seconds
Start 14 Days Free Trial
Lifetime unlimited
Unlimited all-inclusive to achieve maximum returns
$999
$699
one time lifetime price

6 plans remaining at this price
Access to all legal document creation
Unlimited user accounts
Unlimited document analyze, review
Access to all editing blocks
e-Sign within seconds
Start 14 Days Free Trial
Monthly
For a company that wants to show what it's worth.
$99
$79
Per User / Per month
10 document drafting
5 User accounts
3 document analyze, review
Access to all editing blocks
e-Sign within seconds
Start 14 Days Free Trial
Base
Business owners starting on our platform.
$69
$49
Per User / Per Month
1 document draft
1 User account
3 document analyze, review
Access to all editing blocks
e-Sign within seconds
Start 14 Days Free Trial

Save 90% on your legal bills

Start Today