BUSINESS STRUCTURE
You have four options when it comes to structuring your business so that it will meet your needs both for today and for tomorrow. Your choices are:
- Proprietor - Single Owner/Not Incorporated
- LLC - Limited Liability Corporation
and two basic "tax" status considerations, which are:
What you choose as a structure will be determined by many things that should be discussed prior to ever meeting with an Attorney or CPA. For example:
- What is your income tax status and how does owning a business affect you and your spouse?
- What protection do you want from being sued?
- What is your strategy for exiting the business eventually - turn it over to your children, go public, sell or merge with another company, etc.?
To help you decide The BOSS™ will provide information sources so that you can get smart and make an educated guess.
