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Corp Values So you've got a business idea and a plan, but what kind of company do you want to own?

By Cliff Ennico

Opinions expressed by Entrepreneur contributors are their own.

Question: I'm starting a business and want to limit my legal liability as much as possible, but I can't decide if I should make my business a limited liability company or an S corporation. Is there a right answer in this case?

Answer: The short answer is no. All legal entities involve trade-offs--to get more of X, you have to live with less of Y. You'll need to talk with your lawyer or accountant to determine which legal entity is right for your business. There are, however, a few details to think about before you decide.

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