Selecting the best business structure for your company can be confusing, but the decision has important financial implications. The average small business owner chooses between these six legal entities: sole proprietorship, general partnership, limited partnership (LP), limited liability corporation (LLC), C-corporation, and S-corporation. The right choice for your small business depends on a variety of factors. You’ll learn the advantages and disadvantages of each business type so you can determine what’s best for your company. We’ll also discuss tax and risk implications, administrative costs and the differences between employees and contractors.