Starting a business creates a lot of questions for you as the owner. What should you sell? Who are your customers? Will this even work?
But there are other essential questions that you need to find answers to before you even open your (physical or virtual) doors. Let’s look at a few of them and get you on the path to the right answers.
What’s the Right Business Structure for My Company?
This is a great question with no easy answer. Let’s review the primary structures for small businesses, and you can determine for yourself which is the best fit.
A sole proprietorship is what you operate as if you don’t elect a specific business structure. It’s the default. It’s also the one where you’re the least protected. If, heaven forbid, your business gets sued one day and your company can’t pay the legal fees or creditors, they can come after your personal assets. So you put everything you’ve worked hard for on the line simply by not choosing a more structured business formation.