You just received a patent on your amazing new electronics invention. This invention could provide a legacy that generates income for your children, your grandchildren, and beyond. To bring this product to market and grow this into a real business, you need partners or investors. You find four investors who are willing to invest $100,000 each in exchange for 10% ownership. That will leave you with 60% ownership of the business. Since you will be CEO of the business, you will make all of the day-to-day decisions and if all goes well in the next few years, you might even buy back shares from your original investors so that you can own the whole company again. Once you own all of the shares, you will be able to transfer the company to your children so that the business can continue even after you are gone.

Which form of ownership will best meet your needs?

a. Sole proprietorship

b. Partnership

c. Corporation

d. LLC