Keep in mind, it’s also generally harder to get a bank loan as a sole proprietor. This is the recommended choice if you’re starting a low-risk business and want to test the idea before creating something more formal. Sole Proprietorship: A sole proprietorship means you completely control your business, meaning your assets and liabilities are not separate from your personal assets. Limited Liability Company (LLC): LLCs protect your from personal liability, if your business faces bankruptcy or lawsuits your personal assests (car, house, savings account) won’t be at risk. That said, here’s the three most common Business Structures you should understand: The specifics around business structures can be complex and you’ll save time and headaches by consulting a legal/accounting professional before starting your business. When you’re getting started, your business structure will dictate the taxes and regulations around how your business operates, with each having their own advantages and disadvantages.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |