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| Choosing A Legal Structure... | |||
| Your
first step in legally setting up your business is to determine what type of
structure to have. You should be aware that your business may be
legally structured in a number of different ways and that there are
certain advantages and disadvantages to each of them. You will
want to select the one that is most suitable for you.
Do not take this decision lightly. Your choice of structure will determine many things including: how much personal responsibility you will have for the debts and liabilities of the business, how much in taxes you will pay and how you pay them, how simple your business is to set-up and operate and what long term succession planning issues you will experience after you decide to get out of business. Some of these structures pay their own income tax. Some do not. Some of these structures may cost you everything you have personally if there are any financial or legal problems. Some structures will limit your responsibility in these same areas. If you need help in selecting a structure for your business, please call the Small Business Development Center nearest you or contact a lawyer and / or accountant. The five structures that you have to choose from
are: the sole proprietorship, the partnership, the "c"
or "s" corporation, the limited liability company, and the
limited liability partnership. The following pages describe and
compare these structures for you. Once you have chosen one of
them you can then click on the start button on the bottom of that
structures page and begin following any directions found on the page.
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