Selecting a Legal Entity: A Brief Guide for the Media Entrepreneur

There are four basic forms of business organizations to choose from: sole proprietorships, partnerships, corporations and limited liability companies. Before selecting the form best for your business, you should keep in mind:  

• Potential tax implications and savings depending on type selected  
• The legal protection of your personal assets and how to reduce the amount of personal risk  
• The benefits and drawbacks of each type of legal entity  
• The impact of state law on legal entity selection and the related filing requirements