For latest version: please go to https://academicentrepreneurship.pubpub.org/pub/d9ykpwxv/release/2 Startups are often built with a small team of talented and highly motivated individuals who are passionate about the company. The environment of a startup is often demanding, with time-sensitive projects and limited resources. The three common types of business entities for a startup are an LLC, an S corp, and a C corp, and each offers its own advantages based on the startup’s trajectory and goals for growth. Delaware’s corporate laws and statutes are pro-business, and many companies choose to incorporate in Delaware. State law requires that corporations hold shareholder and board of directors meetings to vote on crucial company decisions and document them officially in meeting minutes. Seeking counsel from a tax advisor and a legal advisor early on can potentially contribute to a startup’s financial prospects both in the short and the long term.