One of the biggest decisions from a tax and legal stand point is choosing the correct entity for your new business. This can determine how you are taxed and what if any your legal liability if something goes wrong. By talking to your lawyer and your accountant you should be able to make the best selection for you business. We have also provided an Entity selection guide that provides you with a rundown of the various entities. Although you can change the entity at a later date this requires additional paperwork and may require dissolving your current company and starting over from an entity perspective.