09/03/2026
Starting a business? One of your first big decisions is how to structure it.
Your business structure can affect how you're taxed, what tax forms you file, your recordkeeping requirements, and your legal responsibilities.
Common structures include (definitions simplified for post): Sole Proprietorship – A business owned and operated by one individual; Partnership – A business owned by two or more people; Corporation – A separate legal entity owned by shareholders; Limited Liability Company (LLC) – A business structure created under state law that can offer different legal and tax considerations.
There isn't a one-size-fits-all answer. The right structure depends on your business, your goals, and your individual circumstances. Before making your decision, consider talking with a qualified attorney or tax professional who can help you understand your options and determine what may make sense for your business.
Helpful resources:
🔗 IRS: Business Structures
https://www.irs.gov/businesses/small-businesses-self-employed/business-structures
🔗 Illinois Secretary of State: Business Services
https://www.ilsos.gov/departments/business-services.html
🔗 Illinois Secretary of State: Business Forms & Publications
https://www.ilsos.gov/publications/business-services.html
Planning now can help you build a stronger foundation for what's next!