It is important when beginning your first small business to decide whether a partnership, LLC, or corporation will best suit your needs as a company. An LLC supplies limited liability to its owners, while a corporation may incur double taxation and partners are considered personally liable for the business debts. Even though limited liability companies are more commonly used, there are still some partnerships being formed. Big corporations will continue to be in effect but only for those companies which are simply too big for other business venues. To make an informed decision, please contact a legal representative.