When thinking about all you need to do to start your new business, researching the proper business entity might not be at the top of your list, but it should be.  Lori Ann Fox, government relations and regional attorney at CT Corporation, details why it is vital for new businesses to establish a formal entity.  Fox explains the different types of entities and how to choose the right fit for your business.  She also details how the different entities could impact your tax bill and what sort of compliance is necessary long after you open your doors.