Form Your Company

The Startup Team can help you form your company quickly, easily and affordably so that you can limit your liability, open a bank account, separate personal funds from business’ funds, and pursue investment.

Choose a legal structure, and let’s get started!

Corporation
Limited Liability Company
Limited Liability Partnership

Limited Partnership
Nonprofit

Not sure?  Compare the features of different legal structures below, then choose the one that makes the most sense for you and your business.



Compare Legal Structures


  • Choose Your Structure
  • Definition
  • LiabilityLiability
  • OwnershipOwnership
  • ManagementManagement
  • TaxationTaxation
  • Record KeepingRecord Keeping
  • Ongoing FilingOngoing Filing
  • Limited Partnership

  • Comprised of at least one general partner and at least one limited partner. The general partners share completely in the business’ profits and losses. The limited partners, who are usually investors, share in the business’ profits, but their losses are limited to the value of their investment.

  • LiabilityGeneral partners are fully liable for the debts and activities of the business. Limited partners are liable only to the extent of their investment.
  • OwnershipOwned by partners, with transfer of ownership governed by partnership agreement.
  • ManagementThe general partners manage the affairs of the business, while limited partners typically do not.
  • TaxationNot taxed, and not required to file a tax return. Each partner reports profits or losses on his or her personal tax return.
  • Record KeepingNot required, but recommended to document key decisions.
  • Ongoing FilingNone.
  • Limited Liability Partnership

  • Most often used by (and, in most states, limited to) licensed professionals like attorneys and accountants. Similar to a general partnership, but limits the liability and debt obligations of each partner to his or her own activities or contributions.

  • LiabilityEach partner is liable only for his or her own debts and activities.
  • OwnershipOwned by partners, with ownership difficult to transfer.
  • ManagementEach partner is responsible for the management of the business.
  • TaxationNot taxed, and not required to file a tax return. Each partner reports profits or losses on his or her personal tax return.
  • Record KeepingNone.
  • Ongoing FilingMust file annual reports.
  • Limited Liability Company

  • Composed of one or more persons or entities through a written agreement.

  • LiabilityMembers not personally liable for the debts or activities of the LLC.
  • OwnershipOwned by members, with transfer of ownership governed by operating agreement.
  • ManagementMembers choose who manages the business, and can assign management duties through an operating agreement.
  • TaxationNot taxed (unless it chooses to be), and not required to file a tax return. Each partner can report profits or losses on his or her personal tax return.
  • Record KeepingNot required, but recommended to document key decisions.
  • Ongoing FilingMust file annual reports.
  • Corporation

  • A legal form that allows individuals to conduct business as a separate entity, be protected from personal liability and raise funds from private investors.

  • LiabilityShareholders are not personally liable for the debts or activities of the corporation.
  • OwnershipOwned by shareholders, with transfer of ownership governed by bylaws.
  • ManagementShareholders elect directors to manage business. Directors appoint officers to run daily operations.
  • TaxationTaxed, and required to file a tax return. When the corporation distributes its profits to shareholders, shareholders are also taxed on any income received from dividends.
  • Record KeepingMust document board and shareholder decisions, and keep minutes of board and shareholder meetings.
  • Ongoing FilingMust file annual reports.
  • Nonprofit

  • A legal form created to advance a purpose other than making a profit. Those purposes can, and most often are, charitable, educational or religious, but can also be private.

  • LiabilitySame protection as corporations and LLCs.
  • OwnershipNonprofit assets are fully and exclusively owned by the entity.
  • ManagementDirectors manage the nonprofit. Directors appoint officers to run daily operations.
  • TaxationNot taxed.
  • Record KeepingMust document all board decisions.
  • Ongoing FilingMust file annual reports.