VIEWS: 50 PAGES: 16 CATEGORY: Business POSTED ON: 5/6/2010
Not an MBA and feeling a bit overwhelmed by all the business structure mumbo jumbo? You need to quickly understand in simple terms, your options to set up your company. This Ta-Do List is a useful tool that explains the different structures of business and provides other simple definitions for startups including registering your name, permits and getting a tax ID number. Setting your business up correctly now can save you lots of headaches in the near future.
Cover Your Butt Ta-Do Lists Set up your new business Establish the best business structure for you. File it right and know what’s required. By Karen Post First-time business owner? Confused about all the set-up options and requirements? Want simple explanations to make the right choice? Here’s your layman’s checklist to get your business started today. Set up your new business Establish the best business structure for you Owning your own business can be a rewarding experience. You get to be the boss and control your destiny. With so many things to do and think about, especially in the beginning stages of setting up and launching your dream company, it’s important to be informed about business structures and set-up. The following is a simple guide to help you understand your op- tions, make the best business structure choice and be aware of your filing and record keeping responsibilities. 1. Answer these questions. As you try to determine the business structure that is right for you, think about how you would answer the following: • How many owners will your business have, and how will their roles and involvement differ? • How large will your business be? How large do you want to grow it? • What kind of profits or losses do you anticipate? • How much money do you need to start your business? • Do you envision taking the company public? • How much control do you wish to retain? Do you want to make all of the decisions yourself? Page 2 • What is the nature of your business? Is it an area that might be vulnerable to lawsuits? • Will you have employees? If so, will you eventually let them become owners in the company? • Can you deal with working in a structured environment? • How much paperwork can you tolerate? • Can you handle the costs associated with a complex legal structure (accounting and legal fees)? • What are the tax advantages and disadvantages of the different business str
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