Bloomberg Tax
Feb. 3, 2022, 9:45 AM

Minding Your Business: What You Need to Know About Entity Choice

Kelly Phillips Erb
Kelly Phillips Erb

I grew up in a small town. My mom did our food shopping at Ives. I got my hair permed at Norma’s. My dad got our car inspected at D&H Auto. And on the rare occasion that we ate out, we went to Jones’ Seafood House. You knew who owned the business by the name on the sign. Small businesses were the norm—they were what kept the town going.

Small businesses are still considered the backbone of our country. According to the latest information from the Small Business Association, there are 31.7 million small businesses—independent businesses with fewer ...

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