How to pick the right business structure for your new company

Once you've committed to starting your own company, deciding how you will form and operate your business is a critical step that you cannot afford to overlook.

Here's an explanation of the general differences among the various business structures:

Sole proprietorship

This is a structure in which the business is owned exclusively by an individual. In a sole proprietorship, the individual generally is entitled to the profits of the company but also is generally personally liable for the company's…