Starting Your Own Business

When you set up your new business, you need to decide how best to do it. You need to consider tax issues and liability issues. An accountant
can advise you which entity (legal structure) will best suit your needs.

The most common types of business entities are:

Corporation -C Corp: This entity will shelter your personal assets from business debts and liabilities. It also offers certain
tax benefits. It is the most complitacted and expensive to set up.

Corporation-S Corp: An S Corp is simpler in structure than a C Corp. Income is passed through to the owner or owners of the business.

Limited Liability Company (LLC) is much easier to set up than a corporation and offers the same benefits.

Partnership is easy to establish and the tax returns are easy to do. The partners are personally liable for debt and liabilities.

Sole Proprietor is the easiest to set up and maintain. There are few tax benefits. The owner is responsibile for all business debts.

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