Selecting the right structure for your business can be complicated.There is a lot to consider in starting your own business: Developing a business plan, obtaining sufficient funding, marketing and host of other concerns. Also, critical is determining the organizational structure that best suits the business, because it will impact the operating efficiency, the way you report income, the taxes you pay and your personal liability. There are four basic types to choose from:
- Sole Proprietorship
- Partnership- General and Limited
- Corporation- S and C Corporation
- Limited Liability Company (LLC)
To make an informed decision, you must consider income tax law and tax rates, as well as issues such as transferability, control and potential legal liability. These matters likely will be complicated, and errors can be costly. That is why it is important to do research and seek out the advice of a Certified Public Accountant (CPA) who can help you understand how business structure impacts your organization’s bottom line.CPAs are dedicated to helping Americans start, build and grow their small businesses. That is the mission of BmK360CPA and Associaties, PC.
For additional information visit us at: www. bmk360cpa.com