How To Structure business

There are several ways in which you can organize your business. As a new business owner you need to choose the right business structure for yourself and get protection from general legal liabilities and aim to secure excellent tax breaks from the entity of business that you are going to choose. Here are some of the most common ways to organize your business: Sole Proprietorships: This kind of business is owned by one person and is not registered with the state. Nothing special needs to be done and no legal paperwork is necessary to setup a sole proprietorship firm. Legally, the owner of a sole proprietorship firm is completely responsible for its functioning, i.e. he is responsible for all kind of losses incurred and/or legal issues that may crop up. Partnerships: Partnerships are businesses that have more than one owner. They are similar to Sole Proprietorship and do not need to be registered by the state. The partnerships owners are liable to pay taxes on only their share of …