Lesson 2: Business Structures
What You’ll Learn: Choosing the right business structure might not seem like a big deal, but it can have a significant impact on your taxes, legal exposure and even your personal assets. It’s not as complex as it may seem, and in this lesson, we’ll take you through the advantages and disadvantages of each.
Business Structures (continued)
- Think about your personality, work style and goals. Write them down in a notebook. As you write them down, think about how they would fit in a specific business structure.
- Inventory your personal assets. Each structure offers different levels of protection should your company experience bankruptcy or a successful lawsuit. What is at risk for a particular structure you’re thinking about if things were to go wrong?
- When it comes to decision-making, are you more authoritative or collaborative? Be honest, as this will help you pick a structure that matches your personality.
- Go back to the structures comparison chart to see how the different structures stack up in terms of liability, operations, difficulty and reporting requirements.
- Consult an account and/or attorney to learn more about the implications of the specific structure you’re interested in and review your own circumstances.
Return to Main Office
Introduction: Are You Ready?
1. Thinking Like a Business
2. Business Structures
3. Access to Capital
4. Creating Revenue Streams
6. Finding Customers
8. Creating a Winning Pitch
9. Effective Negotiation
10. Intellectual Property
11. Managing Your Money
12. Going Global