…One of the most intimidating decisions when beginning a business,…is to decide what type of business structure you want to establish.…Since each business structure has different legal and tax requirements,…it's important to understand the various advantages and disadvantages, so…you can choose the business type that best fits your individual needs and goals.…The most common business types are, sole proprietorships, general partnerships, C…corporations, S corporations, and limited liability companies, also known as LLCs.…
Regardless of the business structure that you choose,…it's important to understand that you will break the law…if you run a business without the federal, state and city laws and regulations.…So, to avoid fees and legal penalties,…you need to be aware of the legal and tax requirements of your business structure.…In the rest of this chapter, we'll explore the advantages and…disadvantages of each business type.…Let's get started.…
- Understanding your business-structure options
- Choosing your business structure using five key questions
- Establishing business names and fictitious business names
- Obtaining local licenses and permits
- Applying for city/county tax receipts
- Opening a business bank account
- Understanding state and federal taxes
Skill Level Beginner
1. Overview of Business Structures
2. Sample Businesses
3. Forming a Sole Proprietorship
4. Forming a Limited Liability Company (LLC)
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