Many small business owners opt to register their new companies as a Limited Liability Company (LLC). This is because an LLC offers a number of benefits. It’s like having a sole proprietorship with the protection of a corporation.
LLC benefits include:
– easy to organize
– protects individual owners from debts and personal liability
– owners can report their business earnings on personal taxes
– a professional business name (My New Business, LLC)
Browse this section of StartUpaSmallBiz.com to learn about starting a Limited Liability Company LLC.
Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.
Many small businesses start off as either a sole proprietorship or partnership. They are the simplest business formations and often require minimal registration with your state.
A sole proprietorship is formed as soon as you start transacting business — when you sell something at a profit, whether it’s a service or an old pair of shoes, technically you’re running a sole proprietorship.
A partnership is formed when two or more people write an agreement to be in business. The contract is usually submitted to the state commerce department so that it will be an officially recognized business.
Learn more about whether a sole proprietorship or partnership is the right business formation for you in this section.
Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.
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