Hello, readers of New York-Small Business Opportunities. Today i want to help you select a structure for your business . This is one of the first decisions you have to do to open a business. Selecting a structure for your business is not easy. I recommend that you contact your accountant and your lawyer . They will help you choose the right structure for your business.
How to select a business structure
When selecting a business structure there are many things that need to be taken into account. For example:
- The level of structure you are willing to deal with.
- The business' vulnerability to lawsuits.
- Tax implications of the different ownership structures.
- Expected profit (or loss) of the business.
- Whether or not you need to reinvest earnings into the business.
- Your need for access to cash out of the business for yourself.
What structures are available ?
There several business structures . For example:
- Sole propiertoship-This firms are owned by one individual
- Partnerships-Two or more people own a business.
- Corporations-The owners are the share holders
- S Corporations-A tax election only; this election enables the shareholder to treat the earnings and profits as distributions and have them pass through directly to their personal tax return
- Limited Liability Company-It is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership
http://www.sba.gov/smallbusinessplanner/start/chooseastructure/START_FORMS_OWNERSHIP.html
Small Business Opportunities in New York
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