There are two main types of business structures: partnerships and LLCs. Both have their own unique benefits and drawbacks, so it can be tough to decide which is the best option for your business.
What is a Partnership?
A partnership is a business structure where two or more people own and operate the business together. Partnerships are relatively easy to set up, and they offer a lot of flexibility; partners can come and go as they please, and the business can be structured in any way that the partners agree on. However, partnerships can also be quite risky; if one partner dies or decides to leave the business, the other partners could be left in a difficult situation.
What is an LLC?
An LLC, or limited liability company, is a business structure that offers some …