Why do I want an entity anyway?
As you start a business, you may wonder why you just cannot do it on your own, under your own name. Absolutely, you can. You can be a sole proprietor and even operate under a business name, “doing business as” (“d/b/a”) a clever name. If you operate as a sole proprietor, however, you and your business have a single identity. If the business is sued, you are sued. If the business has liability, you have liability. The same is true of partnerships. General partners in a partnership are subject to personal liability if the partnership is sued. If you form a limited liability company or a corporation to operate your business and hold all of your assets, it has an identity separate and apart from...