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Starting a business today is easier than ever. With the help of the internet, anyone can set up their business and start providing different services. As a business owner, one of the first decisions you make is determining which legal structure you want to base your company on.
It is an extremely important decision as it can determine the success of your business. So in this article, we will discuss the details of four common business legal structures to determine which one best suits your business.
Disclaimer: This article is not legal advice; you should consult professional legal guidance to make the right decision. This article aims to learn about different legal structures and, depending on your situation, the long-term impact they may have on your company.
4 Types of Legal Structures for Business:
There are several things to consider before choosing the right business legal structure. Each of the structures has its pros and cons. As a business owner, you should choose the one that best fits your needs.
1. Sole Proprietorship
First on our list is a Sole Proprietorship. A type of business entirely owned and operated by an individual. Sole proprietorships have no legal distinction between the owner and the business itself. Because there are no legal obligations, it is one of the most popular business structures and arguably the easiest to set up.
Taxation: For simplicity, sole proprietorship businesses do not have to file a tax return. Instead, the owner is liable for all taxes and will include the details under their own tax return through a Schedule C act (Form 1040).
Liability: The sole proprietorship’s owner is personally liable for all business debts. This is extremely risky as the sole proprietorship’s owner has to pay for all business expenses if the company fails to fund on its own.
2. General Partnership
The General Partnership business structure is worth checking out if you have m… Read More
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