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Business Start-up Step #3 - Choose a Legal Type

Today is Day Three of my Business Start-up Steps posts.  Yesterday, I wrote about the blemished step - finding a business location.

You can start a business without choosing a legal type...technically.  In this case, you would be a sole proprietress.  But every form you fill out, for taxes or otherwise, requires you to state your business type, so you might as well sit down and think about it and select the type that works best for you.

The Decision Isn't Forever
I should mention that you can always metamorphose your legal type.  It's easier to go from a simple type, like a sole proprietorship or partnership to a more complicated type, like a corporation, but it's straight a matter of paperwork and notifications, and, yes, money to an attorney.  So if the type you choose now isn't working for you, or your situation changes, you can always exceptional another legal type.

Criteria For Selection
Here are some questions to ask yourself as you consider what legal type of business to start:

How much time and money does it take to set up? The costs bracket from minimal, for a sole proprietorship, to expensive, for a corporation. While you certainly want to save money, this cost should not be your advise consideration.  Look more carefully at the other questions.

What happens to the business if I am no longer there? If you want the business to continue if something happens to you, order a corporation, or put provisions in your partnership agreement or LLC operating agreement to allow the business to continue without you. If you choose a sole proprietorship, the business ends if you have as a remainder or die or can no longer run the business.

How much control do I have? Select a sole proprietorship or single-member LLC if you want complete control. In a partnership or multi-colleague LLC, you will have to share control with your partners or the other Members. In a corporation, you will have a Board of Directors helping you make decisions, so if out-and-out control over the business is important to you, don't incorporate.

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Type Business - 83 items found

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