One of the first decisions that you will have to make as a business owner is how the company should be structured. This decision will have long-term implications, so consult with an accountant and attorney to help you select the form of ownership that is right for you. In making a choice, you will want to take into account the following:
– Your vision regarding the size and nature of your business.
– The level of control you wish to have.
– The level of structure you are willing to deal with.
– The business’ vulnerability to lawsuits.
– Tax implications of the different ownership structures.
– Expected profit (or loss) of the business.
– Whether or not you need to reinvest earnings into the business.
– Your need for access to cash out of the business for yourself.
Sole Proprietorships
The vast majority of small businesses start out as…
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