Choice in business entity alone determines to what degree you can be shielded from personal liability on business debts and obligations. Your entity choice may even save you from paying hundreds and even thousands in unnecessary taxes.
On the other hand, not choosing an entity, or forming one and not thinking further ahead, especially when you own a business with others, can leave you unnecessarily vulnerable and taking on more of the duties, debts, and so on of the business than you had anticipated.
