Join Whitney Johnson for an in-depth discussion in this video Deciding on a legal structure, part of Entrepreneurship Foundations (2014).
- Once you've run the numbers, you'll want…to get serious about a legal structure.…This is sometimes referred to as business formation.…How you structure your business has implications…for how profitable you are,…how protected you are if something goes wrong,…and how readily you can raise capital.…There are five basic structures.…The first is a sole proprietorship where one person…legally makes up the whole company.…If you have little concern about liability,…this is the way to go.…There are no setup costs, you have…complete control and it's tax efficient.…
No taxes are paid by the business.…They pass through directly to you.…This is often referred to as pass-through taxation.…Service businesses such as landscaping,…computer support, daycare, contractors…are typically sole proprietors.…The second is a limited liability company…commonly referred to as a LLC.…An LLC does involve some set up costs and…legal filings but it's separate from you.…With an LLC as an individual, you have limited liability…and your personal assets are protected,…
- Cite the steps that can help you find an unmet need.
- Differentiate between a business and a hobby.
- Recognize how to decide between an online business and a brick and mortar business.
- Describe how to protect your intellectual property.
- Explain the best practices for hiring the right people.
- Recall the importance of tapping into networks of expertise.
- Cite the best practices for building a business website.
- Summarize the best metrics to use for your online business.
Skill Level Intermediate
Management Foundations (2013)with Britt Andreatta2h 9m Intermediate
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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