This is arguably one of the most important steps, as this decision can determine how you raise capital, how your business profits are taxed, the level of personal liability you’ll have for obligations to the business, and the amount of paperwork your business is required to do.
There are three common structures you’ll most likely consider: sole proprietorships, partnerships, and corporations. In addition, other legal forms include limited partnerships, limited liability partnerships, and unlimited liability corporations. Each legal structure is distinct and carries its own advantages and disadvantages. It’s recommended that you seek guidance from your legal advisor when deciding which legal structure is right for your business.
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More topics for start-ups to consider:
The Necessary First Steps
There are many necessary initial steps to take in order to successfully start or continue operations
Shareholders should enter into a shareholders’ agreement in the early stages of starting a business.
Starting a new business comes with many challenges, such as finding a space to operate.
At some point in your business’ lifecycle, you’ll probably need cash exceeding what your business is able to generate.