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The success or failure of a new company can depend on a variety of factors including, the manner in which a business is formed, managed and promoted. Although there are different opinions as to the process involved with starting a company, entrepreneur advisors agree that the first step to starting your own business is selecting the business structure that is best fitted for your intent and purposes. There are various ways an entrepreneur may conduct business, including sole proprietorship, partnership, limited liability and corporation. Before selecting a business structure, the potential entrepreneur should consider the following: legal restrictions; liabilities assumed; type of business operation; earnings distribution; capital needs; number of employees; tax advantages or disadvantages; and length of business operation.
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