Conceptualizing the product or service of your business, developing your business model, identifying your market, communicating to that market, pricing your products and services, financing your start up, managing and staffing your business and managing your books and taxes are among the items on an exhausting list of requirements and aspects of a start-up that must be dealt with. With all of this and more to contend with, it is no surprise that entrepreneurs almost always neglect to properly consider the legal structure of their business ventures.
Whether it is appropriate to run the business as a sole proprietor, a corporation or other structural options, the result of this decision will be the foundation for your operations. It will affect your personal risk, your cost of administration and the tax ramifications of your enterprise. [click to continue…]