So, you have a great idea for a new business, but you are not sure what business structure would be most beneficial, given your unique situation. The decision you make as to what type of business entity to create has considerable effects on how you will do business moving forward. In addition to significant tax implications, your business structure also determines matters such as how you might be held liable if your business is sued. It will likely also determine how much paperwork you can expect to have to complete to get things rolling - and keep them that way. Some of the more common types of business structures are as follows, as well as some of the main benefits (and potential drawbacks) of each entity type.