The most important part of starting a new business is selecting the type of business to form. The choice of a business entity is critical in how the business should function in the future. A Limited Liability Company is the most popular business entity to form for several reasons. First,it offers liability protection of the owner's personal assets. Second, it offers flexible taxation by allowing it to be taxed as either a c-corporation, a partnership, or an s-corporation. Finally, an LLC allows flexibility in how it is managed, when and how it can be bought or sold, and who the decisions makers ultimately are.