Luis https://usattorneys.com/wp-content/uploads/2019/10/logo.svg Luis2018-11-05 12:50:532018-11-05 12:50:53What Type of Business Structure Should I Register My Business Under?
Sole Proprietorship. What is it?
This type of business structure allows you to have “complete control of your business” and is best for “low-risk businesses and owners who want to test their business idea before forming a formal business,” according to the U.S. Small Business Administration (SBA). When you register as a sole proprietorship, it means you plan on engaging in business activities but won’t be registering as any other kind of business. And when you register your business as a sole proprietorship, “your business assets and liabilities are not separate from your personal assets and liabilities which means “you can be held personally liable for the debts and obligations of the business.” Now, this is something you will want to into account as some aren’t comfortable with combining their own personal assets with those of their business.
- What is a partnership?
- What is an LLC?