Small businesses are the backbone of the economy in Tennessee and across the country. Many smaller companies are owned by a single person (or a group of a few people) who had a dream of running their own business. Often, start-ups like these are begun with little legal fanfare and are run as sole proprietorships or general partnerships because of the small amount of paperwork involved in getting such an entity up and running. This strategy may prove successful for some people, but it definitely comes with significant personal and financial risks.
Unfortunately - and what most people don't realize - is that the proper business entity selection can play a huge role in the long-term success of a company as well as determining the amount of personal liability that the owner (or owners, in the case of a partnership) will face in the event of a lawsuit or collection action.
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