Business Structures Part 1- Information from the IRS

By admin January 19, 2007 Accounting & Finance, Business, Education & Courses, Law & Legal, Office Management No Comments

Are you thinking of starting a business?

You and seventy-five percent of your fellow Americans — are in the same boat. You want the independence, control, financial rewards and freedom that business ownership offers. Yet, only five percent take the plunge.

Prepare yourself for success by building a solid foundation for your business. Start by selecting the right business structure.

When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.

Don’t know where to begin?
Here is some practical information available from your friends at the IRS:

Limited Liability Company (LLC)

Part 2 of this series will continue to explore business structures by focusing on factors to consider according to the SBA.