The purpose of this article is to focus on the role of the legal structure of ventures for the event of the entrepreneurial exit. Specifically, this study is to reveal the different effects of incorporated and non-incorporated legal structures of ventures on diverse exit routes. Using the Kauffman Firm Survey, this study investigated the relationship between the legal structure of ventures and their exit routes with a sample of 901 single-founder start-ups that were founded in 2004 and exited during 2005 to 2011 period. The finding of this study confirmed that ventures with an incorporated legal structure were less likely to exit by sale than ventures with a non-incorporated legal structure. While little research has considered the legal structure of ventures as a predictor of different exit routes, this study empirically suggests the importance of considering the forms of the legal status of ventures in studying entrepreneurial exit routes.

中文翻译：

---

风险投资的法律结构和退出路线：美国单一创始人初创企业的研究

本文的目的是关注风险企业的法律结构在创业退出事件中的作用。具体而言，本研究旨在揭示企业的合并和非合并法律结构对不同退出途径的不同影响。本研究使用考夫曼公司调查，以 2004 年成立并于 2005 年至 2011 年期间退出的 901 家单一创始人初创企业为样本，调查了风险企业的法律结构与其退出路线之间的关系。这项研究的结果证实，与具有非公司法律结构的企业相比，具有公司法律结构的企业更不可能通过出售退出。虽然很少有研究将企业的法律结构视为不同退出路线的预测因素，