Choosing A Legal Structure

You probably already have a rough idea of the type of legal structure your business will take, whether you know it or not. That’s because, in large part, the ownership structure that’s right for your business (sole proprietorship, partnership, LLC, or corporation) depends on how many people will own the business and what type of services or products it will provide, things you’ve undoubtedly thought about quite a bit.

In my opinion, an LLC is the way to go – Less paperwork, easier to deal with come tax time, yet you still shield yourself from liability in most cases. But I’d advise you to speak to your accountant and/or business attorney before making a decision. There is also plenty of information out there, both in print and on the Net, to help you make the right choice. Most people think that they’ve got to go to a lawyer and spend upwards of $1000 to get setup, and that’s just not true.

Some books I’d recommend picking up:

  • Nolo’s Quick LLC: All You Need to Know About Limited Liability Companies
  • LLC or Corporation? How to Choose the Right Form for Your Business
  • Form Your Own Limited Liability Company
  • Tax Savvy for Small Business: Year-round Tax Strategies to Save You $$

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