Apparently the hamsters want you to remain a sole proprietor.
Incorporate extra-terrestrially, and then spend a year dead, in order to maximise the tax benefits.
Dagnabbit! and I just snuck the hamsters some extra kibble before I posted 
I’ve left my employment and am strongly considering going into direct competition with them. I’m unsure as to whether incorporation or a limited liability partnership or limited liability corporation is the best route to go in establishing the business.
I will be the sole investor and operations manager but will be in a working relationship/partnership with a market guru friend without whom my business will get off to a much slower start.
What are the tax and legal advantages of the incorporation, limited liability corp, and limited liability partnership? Or, is a simple DBA good enough?
shamelessly bumping
It depends on where your business is located (what state), what your business does, your personal tax situation and about 3,000,000 other variables. Well, maybe not 3,000,000. Your really ned to spend some time with a CPA to figure out the right answer for you.
This is the type of concrete question which you should not be asking on a message board full of strangers. Instead, you should be asking a professional licensed in your area and familiar with this subject (like a lawyer). No one on this board has anywhere near the knowledge of the facts of your particular situation that would be necessary to advise you competently.
–Cliffy
Yep, sorry dude. I know that people who ask a legal question hate the answer to be “go see a lawyer,” but that’s the case here.
Depending on how much money you want to spend, you should see a CPA or a business lawyer. If you really wanna spend some bucks (and be 100% assured of getting the right answer and intelligent, sensitive, analysis), see a tax lawyer.
The last time I started a business my lawyer was very keen on an LLC, which is what we started. However, my accountant was not so keen on it - it seems that the tax laws regarding and LLC are still very grey. She instead would have liked to seem me start a sub-chapter S corp.
I would ask an accountant to see what the smart way to go is.