| Well I decided that no matter what business ventures I | | | | your particular situation you have more options with |
| decided on pursuing, I needed to set up my company | | | | the LLC. |
| structure ahead of time. I basically looked at the | | | | Why formally setup the business now? |
| sole-proprietorship versus the limited liability corporation. | | | | The reason I was setting up my business structure |
| I only looked at these two because I will be the single | | | | now rather than later was because once I find that |
| owner and I will not have partners or even employees | | | | golden opportunity, I want to be able to get right on it |
| at this point. | | | | and not have to wait on anything! Plus I've found that |
| What type of business structure was right for me? | | | | many times people and businesses will take you more |
| There were many resources available to compare the | | | | seriously if your ducks are in a row from the start. |
| two and I also looked at other business types such as | | | | Most of all though, setting up my business formally |
| the S-corporation and the C-corporation. Partnerships | | | | means I'm starting! I'm no longer just sitting on the |
| were not an option because of the business being just | | | | fence thinking about it. This will be added motivation to |
| me. The reason I chose the LLC was due to the | | | | continue a diligent search for business opportunities |
| personal liability coverage it offered. This is similar to | | | | and income generators. |
| other corporations but the LLC is more simple to | | | | What's next? |
| operate without as many legal formalities. The | | | | I will be posting a series of articles on what I had to do |
| sole-proprietorship did not offer this personal liability | | | | to setup of my LLC along with the time frame and |
| shielding which really discounted having this business | | | | costs for me. Also I will detail my decisions in opening a |
| structure in our very litigious society. Another benefit of | | | | business banking account and what I looked for in |
| the LLC versus the S or C Corporation is the tax | | | | terms of trying not to spend a fortune in fees and |
| structures. With the LLC you can choose to be taxed | | | | such, when at this point I have no income generators |
| either through you individually, like the sole-proprietor, or | | | | to pay for the expenses. |
| taxed like the S and C Corporations. So depending on | | | | |