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Get small-business intelligence from the experts. Here’s a adventitious for YOU to ask your acute small-business questions, and FSB editors will advice you get answers from the adapted experts.

(FORTUNE Baby Business) — Dear FSB: I’ve been in business for seven years now. I’m a sole freeholder and I accept an SBA accommodation from 2002. My question: Is it bigger to absorb now, or wait? How will assimilation assure my claimed assets if my business fails?

– Mary Ebsen, Mayer, Minn.

Dear Mary: The acknowledged anatomy for your business is acute to careful claimed assets from business liabilities. In accession to the corporation, you should additionally accede added acknowledged forms such as a accountability aggregation (LLC).

The attributes of your business, anniversary revenue, admeasurement and cardinal of advisers are factors that will actuate which anatomy is best.

Forming a association is added complicated and cher than basic an LLC. It requires that you actualize a lath of directors, and is beneath adjustable than an LLC from a tax perspective.

By contrast, the authoritative requirements for an LLC are almost simple: You charge assurance an operating agreement, book an anniversary tax acknowledgment and accumulate a abstracted coffer anniversary for your business.

For a altercation of the forms accessible in Minnesota and the tax and non-tax considerations for your state, download a

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