"Where Fillmore County News Comes First"
Online Edition
Tuesday, May 21st, 2013
Volume ∞ Issue ∞
- 11:44:26, May 21st 2013 - airmaxs52274 - Have you ever thought about adding a little bit more than just your a ... [Read More]
- 5:56:33, May 18th 2013 - modgudur - I guess the child is anti-gun control since Obama went to all that trouble ... [Read More]
- 9:27:41, May 16th 2013 - caal girl - Nice outfit on you. I loved some of the dresses but am holding my breath ... [Read More]
- 2:03:34, May 14th 2013 - - Thanks for sharing the trip with us! ... [Read More]
- 4:12:01, May 9th 2013 - Amanda Ziebell - Wow! Thanks to the Fillmore County Journal for this kind story. For a ... [Read More]
- 11:47:30, May 7th 2013 - EW - ramble.....ramble.....ramble..... ... [Read More]
- 10:25:25, May 7th 2013 - Thunder6 - Great article! I love to see the Youth of Fillmore County receiveing acco ... [Read More]
- 6:52:10, May 6th 2013 - Jason Sethre, Publisher of Fillmore County Journal & Olmsted County Journal - Maryh, ... [Read More]
- 7:29:56, May 5th 2013 - maryh - Where are OCJ's available for pickup...other than at the new office? ... [Read More]
- 2:41:47, May 3rd 2013 - Remark1976 - Mrs. Buckbee, I just looked up Senate File 796 and in it there are said p ... [Read More]
I want to open a small business in my home. What type of business entity should I be?
Mon, Aug 27th, 2012
Posted in Preston Ask the Expert
Posted in Preston Ask the Expert
Comments
The answer to your question is “it depends.” There are essentially three business structures that might work for you: sole proprietorship, LLC, and corporation. There are benefits and disadvantages to each. A sole proprietorship is easy to maintain and requires no state filing, but it provides you no liability protection. A corportation and LLC provide liability protection but require you to file with the Secretary of State and follow some formalities.
There are a lot of factors that play into which of these business structures is right for you, such as the current number of employees and your long and short-term plans for the company. Tax issues also affect your choice of business entity, as can insurance availability
You should talk to a CPA, an insurance agent, AND an attorney to help you decide what type of business structure is going to work best for you. Once you have had all of these conversations, your choice of entity may be much clearer.
There are a lot of factors that play into which of these business structures is right for you, such as the current number of employees and your long and short-term plans for the company. Tax issues also affect your choice of business entity, as can insurance availability
You should talk to a CPA, an insurance agent, AND an attorney to help you decide what type of business structure is going to work best for you. Once you have had all of these conversations, your choice of entity may be much clearer.