November 27, 2017


Entrepreneurship In America ›

Choosing a Business Structure- A Quick Reference Guide

When starting a business, it’s likely that you will consider and possibly choose to set up as a limited liability company (LLC). Like any business structure including limited partnerships, corporations, and S-corps, LLCs have certain advantages as well as limitations that should be considered.

To help you make your decision and set up your own LLC, we at have put together some helpful information and resources below. Scroll down to the bottom of this article for links to federal and state websites where you can get more information on LLCs and starting a business.

Why an LLC

LLCs provide simplicity in terms of business structure while also insulating the personal assets of the owner. Although many organizations and business plans require more complex corporate structures, those that can fit into the LLC structure will benefit from minimal documentation, regulation and financial reporting requirements. This article published by QuickBooks provides a useful comparison of the different business structures you may want to consider.


Single-Owner LLCs and Multiple-Owner LLC

If you are an individual or a married couple starting a business together, there are distinct advantages to setting up your business as a single-owner LLC (married couples may be able to use either the single-owner or multiple-owner structure). For businesses with more than one owner, the LLC structure can also be the best option to accommodate your needs. These resources from the IRS discuss both the single-owner LLC structure  and the multi-owner LLC structure.


Setting Up an LLC: Helpful Tips

  • You can do it yourself! You don’t need to use services that charge you to start your LLC. Federal, state and local governments provide all the resources you need for starting a business.
  • While not required for single-owner LLCs, we recommend getting your business a Tax ID (also known as an Employee Identification Number or EIN) when setting up your LLC with the federal government. It is easy and doesn’t cost anything extra to set up the EIN. Having an EIN can be helpful for several reasons and is also required if you have employees.
  • Use your EIN to transact business on behalf of your LLC. Certain types of LLCs can use the owner’s Social Security Number as an alternative to the EIN. We suggest you avoid using your own SSN.


Federal LLC and EIN Links

Resources by State





























 New Hampshire

 New Jersey

 New Mexico

 New York

 North Carolina Company

 North Dakota

 Ohio - domestic




 Rhode Island

 South Carolina

 South Dakota







 West Virginia - llc



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