From the course: Finance Foundations for Solopreneurs
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Choosing a business structure
From the course: Finance Foundations for Solopreneurs
Choosing a business structure
- One of the most frequently asked questions I get when working with solopreneurs is what type of business structure should I choose? There are four basic types of business ownership structures in the United States with a few variations. We'll discuss those that are most relevant for solopreneurs. Now if you're not in the United States, don't worry. Consider the features of these business structures, and find which structures in your area offer those features you want. First up is the sole proprietorship. In the UK and Australia, these are called sole traders. Up until the past few years, sole proprietorships were the most common form of entity for solopreneurs and even small businesses. The entity is individual without any corporate structure or protection. The taxes are filed on an individual form as business income. Usually you buy a trade name to use as a DBA, or commonly called doing business as. For example, John Smith, DBA, John's Art Studio. Sole proprietorships are very easy…
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