Some major factors to think about when making such a decision is the long-term vision for the business, tax implications, personal and financial involvement in the company, the amount of business and personal liability incurred, and the type of business.
One of the first steps in establishing a business is deciding the legal structure. Kevin D. Obos, a partner from Harrison Sale McCloy, gave an informative session during our October Speaker Series about the differences between legal structures including a sole proprietorship, general partnership, limited partnership, corporation, Limited Liability Company (LLC) and a Series LLC.
Rob Moran, CEO, and Co-Founder of Mine Survival, Inc. followed with his journey of developing a closed-circuit escape vest and the company. “The pathway to success is thought to look like a straight arrow, but what it looks like is an arrow drawn with many curved lines,” reported Moran. He emphasized the importance of hiring a good team, always being in a learning mode, being prepared for setbacks, and grasping what investors will want to know. The company incorporated in 2014 and continues to work toward long-term success.