Dear John Owner,
Thanks for giving us a chance to work with you. We will be next to you all the time from creating a plan to advise your company how to form a business, the crucial financial choices, and finalize legal actions. All the steps will be included in the business plan to help leading the business successful.
First step is writing the business plan which will be an outline which shows the goals of the company, and how to reach those goals. Lender and investor always ask to see your company business plan.
Next step is deciding which business structure is the best for organization. You can choose one business structure which fits with you. Each of them has different legal and tax implications. The following are the business structures that you should consider.
This is the simplest business structure. The business will be operated by yourself so that you will be in charge of the business from business liabilities, debts, and losses. That is one of the disadvantages of this structure; your personal assets are not protected. You also can have all the profit. You don’t need to file separate business tax.
You can find another partner to collaborate together for the business. In this business structure, you and your partners will share responsibility of management, ideas, the losses and profits. This structure is also not requiring filing income taxes as a business structure. Same with sole proprietorship there is no protection for personal assets. There are some case one partner can be held liable for the negligent acts of another partner within the business, and creditor may pursue a partners personal assets as compensation for the business debt.
Limited Liability Company (LLC)
This business structure will give owners the limited liability protection from company debts and obligations. LLC can be started by one owner not like partnership that needs at least 2 people to form the business. The disadvantage of...