Short Answer: The most common business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.
Why It Matters: Each entity has different legal, tax, management, and liability implications. The right choice depends on your ownership structure, business goals, anticipated growth, and risk profile.
Common Mistakes: Choosing an entity because someone else recommended it; focusing only on taxes; failing to consider long-term goals.
Michelle's Bottom Line: Your business structure should support your overall business strategy, not simply follow a trend or what worked for someone else
