ABSTRACT
An evaluation of the best choice for the legal form of the venture needs to be performed, as well as periodic reviews to make sure that the legal framework of the new venture is the appropriate one. The sole proprietorship is the simplest legal form to create, the least expensive in terms of legal fees, and the most prevalent in the business world. The Uniform Partnership Act, adopted by many states, defines the partnership as 'an association of two or more persons to carry on as co-owners of a business for profit'. As defined by Chief Justice Marshall in a famous decision in 1891, a corporation 'is an artificial being, invisible, intangible, and existing only in contemplation of the law'. In a few states, laws or professional ethics rulings prevent accounting or law firms from doing business as corporations or Limited-Liability Corporations (LLC).