The Collective
Collaboratory Experience Blog
Advantages of Forming an LLC
Whether you are a new start-up or have been operating for some time as a sole proprietor or in a general partnership, there are many benefits of incorporating your business as an LLC which typically outweigh any perceived disadvantages and unavailable to a sole proprietorship and general partnerships. Learn why this business structure is a great option for entrepreneurs.
Why an LLP is the Best Protection for Business Partners
Starting a new business with a partner is a decision that needs both clear understanding and intention. Forming a partnership is easy, it’s simply two people getting together to own and run a business. That being said, “simple” doesn’t necessarily mean “right.” If you and your partner are lawyers or doctors, two professions at high risk for malpractice lawsuits, a limited liability partnership, or LLP, may be the best structure to operate your business under.
Is Sole Proprietorship Right for You?
Are you a new entrepreneur and wondering what business structure is best for you? This is one of the first and most important business choices you will make. If you're self-employed or conducting any kind of business and haven't picked a formal business structure, then by default, you're operating as a sole proprietor. Sole proprietorship is the simplest way to operate a business. A sole proprietorship is defined as an unincorporated business owned by one person who pays personal income taxes on profits and as a new entrepreneur, this may be the best way to go.
What to Consider When Choosing Your Business Structure
When you start your business as a new entrepreneur one of the most important decisions you will make is how you will structure your business. Careful consideration of which structure you choose is crucial because it will influence everything from your day-to-day operations to taxes owed, to how much personal assets are at risk. Choosing the structure that gives you the right balance of legal protections and benefits is key.