If you are on the fence about should you start a business, no problem? It’s not easy to start a business no matter what type. Once you have decided on which type of business you would like to start, you will have to decide what which niche you will be your focus. Will you be providing service or selling a product? Any business that you start will be designed to solve problems and help people. Before you get to the part of serving and helping people, you will have to determine one of the ten types.
1) Sole Proprietor/Individual. A company that is not incorporated or registered with the state as an LLC(Limited Liability Company.
2) Limited Liability Company. A structure allowed by state statute and is formed by filing articles of organization with your state.
3)Other/Non-Profit. A non-profit organization, trust, limited liability companies, and unincorporated associations that qualify for non-profit status under the IRS.
4)Personal Service Corporation. Is a person or group of people who create a legal entity by filing articles of incorporation with the state’s secretary of state giving it certain legal powers, rights, privileges, and liabilities.
5) S Corporation. A person or group of people who establish a legal entity by filing articles of incorporation with the state granting it certain legal powers, rights, privileges and liabilities.
6) Partnership. An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes.
7) Trust. A legal entity that is created under state law and is taxed under federal law. The trust can be created to perform one act or a series of acts.
8) Church Controlled Organization. A church-controlled organization is a branch of a church, including, a men’s or women’s group, a religious school, a mission society, or a youth group.
9)Corporation. A legal entity established by a charter granting it certain legal powers, rights, privileges, and liabilities. May be established by a person or a group.
10) Estate. Or a legal entity created as a result of person’s death. The estate consists of real estate and/or personal property of the deceased person. The estate pays any debts owed by the decedent and distributes the balance of the assets to the beneficiaries of the estate.
What will be your choice? Success is a choice, choose wisely. We are here for you. Please stay in contact.
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