Ask why you need a formal business structure when you start a business and the answers are usually straightforward. For some, it’s a need to separate personal assets from the business; for others, it’s a desire be viewed as a more credible business or to lower overall taxes. This is especially true in places like New York, but even businesses in low-tax states like Texas want to lower their taxes. However, when asked what’s the best business structure for your specific business type, the answers get a little more complex.
