With fall quickly approaching and the end of summer drawing near, take a moment to think about your career plans for the next season of your life. Is there a business you always wanted to start? Are you pursuing your passion? Think about it for a moment. It is never too late to follow your dreams.
Starting your own business can be a major undertaking, but the rewards can be infinite. And with some forethought and planning it call be a huge success.
Have you thought about entrepreneurship lately?
Well it's Labor Day Weekend, so we'll take a short break from our small business start-up tutorial.
ReplyDeleteBut we'll be right back at it on Tuesday, when we'll talk about business legal structures.
Smooches!
I took a nice long break, but now we are back at it. We are going to take some time to discuss legal structures. They are: Sole Proprietorships, Partnerships, Corporations, Subchapter S Corporations, and Limited Liability Company (LLC.
ReplyDeleteWe will discuss each one in detail, starting tomorrow with Sole Proprietorships.
But if you just can't wait until I get to a structure that peaks your curiosity, feel free to send me a comment.
Sole Proprietorships
ReplyDeleteMost small businesses start as sole proprietorships, and are usually owned by one individual. This individual assumes the day to day responsibilities of running the business as well as assumes complete responsibility for any of its liabilities or debts, but also benefits from all of its profits and assets.
Partnerships
ReplyDeleteA Parntership is two or more individuals sharing ownership of a single business. Like Sole Proprietorships, the law does not distinguish between the business and the individuals.
Be sure to develop a partnership agreement to determine each partners responsibilities.
As with any Partnership, choose wisely.
Smooches!