Getting your business up and running is exciting, challenging and hard work. You're finally making money – and you are the driving force that is making your business grow.

While corporations have rigid rules about how they are structured, partnerships and limited liability companies allow the division of management authority, profit sharing and ownership rights among the owners to be very flexible. Read this article and learn more.

The limited liability company is a newly created form of business. It is an amalgam of a corporation and a partnership, though some state courts have disputed this definition. For some states, particularly in Delaware, it is treated as a corporation because the limited liability company's operating agreement is very similar to a certificate of incorporation. But for some, like in Ohio, it is neither defined as a corporation nor a partnership.

Even if your business is small, you should invest in small business insurance. Insurance protects your assets, including vehicles, equipments, inventory, employees and partners, if anything should happen.

When you decide to start your own business, one of the most important decisions you will make is determining which business entity is right for your business.

The pros and cons of corporations, LLCs, partnerships, sole proprietorships, and more. Find out everything you need to know about the different ways to organize a business so that you can make the best decision for your needs when starting a company.