In today's competitive landscape, choosing the right legal structure for your business is paramount for success. Keeping your home-based business legal involves choosing its legal structure: sole proprietorship, partnership, or corporation. The structure you opt for impacts your taxes and dictates your liability, governance, and compliance requirements. This is necessary for … [Read more...] about Choosing the Legal Structure of Your Business
Sole Proprietorship
Must-have AI Tools for Sole Proprietors
Your business is not particularly large — in fact, it is just you toiling away at your projects without the support of any employees or organizational infrastructure. There are various advantages to being a sole proprietor, such as having complete control over every aspect of your occupation, but a lack of support for some of the more tedious tasks of your work is a major … [Read more...] about Must-have AI Tools for Sole Proprietors
Types of Business Entities and Its Pros and Cons
Before starting a business, we need to understand how a typical business runs. One of the key concepts to understand is the business entities. It is how your business would be organized and controlled with your desired business structure, from which it will be determined whether you want it to be run by yourself alone, or with the cooperation of several partners. Each … [Read more...] about Types of Business Entities and Its Pros and Cons
Factors to Consider When Choosing a Small Business Structure
Imagine going to a tasty buffet restaurant with a large selection of soups, salads, meats, and desserts. This variety is similar to the choices available to entrepreneurs looking to dive into small business ownership. Each business structure option offers something unique, and there are certain factors to weigh when making such an integral decision. RELATED: Choosing the … [Read more...] about Factors to Consider When Choosing a Small Business Structure
How to Change from Sole Proprietorship to Corporation
QUESTION on How to Change from Sole Proprietorship to Corporation Hi! I had recently formed a sole proprietorship which I want to restructure as a Corporation. I have determined that it would be more beneficial for myself and the business if I change the structure to a corporation but I have no idea what I'll have to do to get that done or where I'll have to go. Also, we … [Read more...] about How to Change from Sole Proprietorship to Corporation