Here is a simple checklist to complete as you begin to set up your business structure:
- Understand the main differences between business structures (taxes, liability and administrative costs)
- Understand the relative advantages and disadvantages of each type of structure
- Assess your own desires and determine which structure is right given your situation and type of business. Li>Seek professional help to ensure that you are not overlooking any details (city permits, licenses, etc.).
Remember, setting up your business structure is not the most exciting part of starting your business, but can be a burden if you fail to select the best structure. Take the time to work through the above checklist and you will protect yourself against being unpleasantly surprised in the future.