The decision to launch a new business venture involves a great deal more than choosing what products and services to sell or where to set up operations.
Choosing the right business structure—the legal framework through which your business operates—can have a serious effect on your profit potential and tax obligations in the coming years. It also often requires small business tax help.
Below is an explanation of some of the most prevalent structures for small businesses. In this video I dive deeper into a sole proprietorship business structure as it’s often regarded as the most basic type of business structure.
Make sure you speak to your small business tax accountant on the various options, and decide which one will best meet your needs in the years to come.