Choosing a business format is an important decision with a number of factors to consider. The six main formats (sole proprietor, LLC, general partnership, limited partnership, S corporation and C corporation) each have their pros and cons that you should know about before selecting the business format that is right for you. You might consider an LLC or GP for your business venture because these are low-risk and less costly to get started and maintain. Alternatively, while C corporations require the taxation of both the business and its owner, this business format also provides more options for investors and more opportunities for flexible growth. The format you choose for your business should be based on the specific needs and capabilities of your company. Check out the details of these formats in Payoff’s infographic so you can make an informed decision.