Have you been dreaming about starting your own business? Congratulations! But now what? There is a lot to think about when establishing your new business. One of the first steps for many entrepreneurs is setting up their business entity—whether you’re a rideshare driver, a real estate professional, or a graphic designer, setting up your business […]
Sole Proprietors
Basics of Business Structure: Choosing the Right Entity for Your Biz
So you’re starting your own business and contemplating which business structure to give it. One way to make this determination is to think about the relationship you want to have with your business partners, investors, employees, vendors and, perhaps most importantly, customers (or clients). Here are some basics to help you make that decision, depending […]
Types of Business Entities and How They Work
If you’re starting your own business, or even if you’ve been in business for a while, you may be wondering what your options are for structuring your company. There are a number of types of business entities, each of which works in different ways. Choosing the right one for your company may be the single […]
What Entity is Right for You and Your Business?
Starting your own business can be both challenging and rewarding. You want to make sure you get off on the right foot by choosing the type of entity that’s right for you and your business. To help you make the best possible choice, here are some factors to consider along with which business entity might […]
Sole Proprietor vs LLC: 7 Things You Need to Know
When you first make the decision to go into business for yourself, it’s an exciting moment. You’re probably not thinking about all the logistics and little business decisions you’ll have to make along the way. It’s a moment for celebration, not for practical planning—but very quickly, reality hits. As a business owner, you have responsibilities, […]
Sole Proprietorship: Is the Risk Worth It?
If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on the individual’s personal tax return (Form 1040) using a Schedule C. There is no need to file a separate tax return as is […]
Ready for Your First Employee?
Small businesses usually start-off as a one-man show. When you are the owner you do everything from emptying the trash to collecting the cash. As your business grows, however, it can reach a point where the volume of work is overwhelming.
Who is Self-Employed?
The IRS considers you as a self-employed individual if you operate a business as a sole proprietor or as an independent contractor or if are a member of a partnership.
Why the Sole Prop May Not Be Right for You
Considered the simplest business structure, the sole proprietorship is owned and operated by one person, and there’s no legal distinction between the owner and the business. It’s 100% legal for an entrepreneur to operate as a sole proprietor, but that doesn’t necessarily mean you should.
What Every Entrepreneur Needs to Know About Liability
While it’s true that some businesses are inherently riskier than others, all business owners (including freelancers) should be familiar with potential liability issues and what they can do to minimize the risk.
