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Starting a business

By Jordan Pecile, Esq.

Starting your own business is a big decision in itself.

It requires a good deal of planning and research before you can even open the doors.

Once you have researched your target market, evaluated the potential profitability, and weighed your competition, you are ready to consider what type of business organization to use.

Business organizations can take several forms:

  • solo proprietorship
  • partnership
  • corporation
  • limited liability corporation.

There are legal and tax considerations which must be evaluated for each type.

A solo proprietorship is the simplest to create. There is little paperwork involved in getting started, but the owner has unlimited personal liability for the debts of the business.

A partnership is similar to a solo proprietorship, except that two or more people are involved. It is relatively easy to establish, but still has the disadvantage that each partner has unlimited liability for all of the firm’s debts.

A corporation is more costly to create because of the amount of paperwork required. However, the cost consideration is usually outweighed by the true advantage that the liability of the owners is limited to the amount they have contributed to their shares of the stock.

There are many more advantages and disadvantages to each of these legal forms of business. An entrepreneur will want to consult both a tax advisor and an attorney when considering which form of business is best for your enterprise.

Attorney Pecile

1201A North Church Street 29th Street
Office Complex, Building A, Suite 220
Hazleton, Pennsylvania 18201

T +1 (570) 501-3323