The way a business is formed as a legal entity has implications far beyond the business. Did you know that if your business fails and you can't repay your business creditors, you could lose your home, car, and most of your personal belongings? Or, if you select the wrong legal form of ownership, you could find yourself in a position of owing a large sum of money to the Internal Revenue Service? In this course, You'll learn about the factors one should consider when choosing a form of business ownership. There is more than one reason why it’s important to understand the different legal forms of business, from legal protection to tax implications.