What you need to know about corporations, partnerships and other structures under which you do business Key Takeaways:There are six widely used business operating structures. Each has pros and cons depending on the owner’s income and estate planning options.Choosing the right legal form for your business is critical for both legal and tax purposesThe Tax Cuts and Jobs Act of 2017 (2017 Tax Act) made significant changes that should be factored into your entity choice.As many of you know, The 2017 Tax Act made significant changes to the tax code. Most significantly individual tax rates have dropped and now cap out at 37 percent (vs. prior 39.6 percent). Here are some of the other highlights: