We’re approaching the start of a new year and many of you are looking into starting an online business. One of the steps is deciding whether or not to incorporate your business.
As a small or home office business, you have four main choices for your business as a legal entity in the United States (for those of you in other countries you will have to check on your own business tax laws):
* Sole Proprietor
* General Partnership
* Limited Liability Company (LLC)
* Subchapter S Corporation
Of the other possible options, a “C” corporation is generally for large businesses and Limited Partnerships can be complicated, so I won’t get into them here.
Also, don’t forget your local business licenses. You may have to register your business in the city, county and/or state where you live. You should also set up a separate bank account for your business.
In general, your main considerations are going to be liability, taxes and how you intend to finance your business. Continue reading .
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