Owning and operating a business, for some, is a dream come true, and something that takes years of careful planning before it can be brought to fruition. However, deciding which type of business format to enter into is just as important as coming up with a solid business plan initially. Thorough consideration should be given to all business types; even discussing the many options with an expert is highly advisable. In the end one has to make the final decision to become a sole proprietorship, an LLP, LLC, an S corporation, so on and so forth… One of the simplest forms of running a business is doing it as a sole proprietor. A photographer, for example, doesn’t need much capital to start up this venture, and would have the benefit of being his or her own boss, as well as reaping all of the profits made from selling his pictures. Plus, this person would not have to pay taxes at a business level, and would only have to file a 1040 on the personal income tax form. One of the only downsides to this type of business is the photographer must be prepared to be solely liable for any damages or torts brought forth upon them. Additionally, a sole proprietorship has a limited life, because when the business owner dies, the business generally dies along with it (Garrison, 2012). Another very common form of doing business in the United States is by establishing it as a partnership. This can be as simple as two friends joining together to form a catering company, or as complex as several accountants linking up to create an accounting firm. The important thing to remember here is all persons involved are co-owners and have an equal say in what decisions are to be made. Therefore, they are also equally liable in dealing with any lawsuits brought about against the company. A benefit to a partnership, such as opening up a catering company with a close friend is all profits can