As a new business owner, one of the first critical questions is deciding which form of ownership will best meet your business needs. Selecting the legal structure for your business should be well thought out and discussed with a qualified professional (e.g., attorney, C.P.A., etc.) who specializes in the subject matter. In addition, as your business grows over time, you will need to determine whether the current form of ownership still fits your needs or whether a new form of ownership will achieve better results. Although there are many forms of business to choose from, listed below are the most common legal structures available for the business owner.