One of the first executive decisions you’ll make with a company is deciding exactly what type of business organization is the best suited for your needs. You may want to be a Limited Liability Company, a Partnership, or even a Corporation. Choosing the right business entity allows an entrepreneur to reduce liability exposure, minimize taxes, and ensure that the business can be financed and run efficiently. One of the biggest reasons business owners will need a license or permit is so the government can track revenue. However, licenses and permits are also used to protect the business and public.
There are major advantages and disadvantages for each business entity and the different licenses required. The UGA Small Business Development Centers can help you identify and find the best way to reach your goals.