It is one of the most comprehensive articles I've found and gives detailed information about the different options available and the tax consequences for each.
Wow, Rebecka 8 pages of info here and all in easy-to-understand English (no legalese people!! ) Thank you for sharing this, I have no doubt it will be a valuable resource to those who are trying to determine which way to go.
This is by far one of the best resources I have seen for determining which type of business to set up - I am usually confused by the end of articles with all of the "big legal words" and have to read them more than once. This was easy to follow and understand and gave a lot of clear information. Thanks for sharing, Rebecka!
Perfect timing! I'm in the process of putting together all of my info so I can register my business and wasn't sure which way I should go...and I even have a legal background yet it still confused me!
I am torn between Sole Proprietorship and LLC. I have read up on both and I was wondering if in the beginning is the extra work and money to establish an LLC worth it?
It depends on your State, I live in OK and it only cost $100 to register my LLC with a $25/year renewal fee. For me, the cost was not a factor. However, I know it Texas it costs upwards of $750 to register, in that case I probably would have considered staying a sole-p.
It also depends on the services you offer. I provide bookkeeping and handle a lot of confidential information, so for me the liability protection from being an LLC is a must.
Best Legal Structure for Small Businesses
) Thank you for sharing this, I have no doubt it will be a valuable resource to those who are trying to determine which way to go.
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