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Starting a Business
There are many different legal structures that a business can opt to incorporate under. However, there is no option that fits every company, making which structure you choose entirely dependent on what type business you are launching and what best fits your model.
One option, sole proprietorship, means that the entire operation functions under one person. It is the most simple of all the legal structures to set up, as no legal formation documents come with a sole proprietorship. Additionally, all profits or losses are reported to the IRS directly on your personal income tax return, and you are responsible for all business decisions.
Filing taxes for a sole proprietorship is simple, as well - you need only fill out a Schedule C form, which often only requires you to list your revenue and expenses. In addition, if you choose to hire your children, you will not be required to pay any payroll taxes.
You may also operate a sole proprietorship under your name or under a business name. One major downfall of operating as a sole proprietorship? If anything happens, you're held entirely responsible for all of the risk.
This article is brought to you by Vcorp Services – specializing in the review and preparation of entity formations. From obtaining a tax identification number to preparing Articles of Incorporation, Vcorp Services can get your business off the ground.
One option, sole proprietorship, means that the entire operation functions under one person. It is the most simple of all the legal structures to set up, as no legal formation documents come with a sole proprietorship. Additionally, all profits or losses are reported to the IRS directly on your personal income tax return, and you are responsible for all business decisions.
Filing taxes for a sole proprietorship is simple, as well - you need only fill out a Schedule C form, which often only requires you to list your revenue and expenses. In addition, if you choose to hire your children, you will not be required to pay any payroll taxes.
You may also operate a sole proprietorship under your name or under a business name. One major downfall of operating as a sole proprietorship? If anything happens, you're held entirely responsible for all of the risk.
This article is brought to you by Vcorp Services – specializing in the review and preparation of entity formations. From obtaining a tax identification number to preparing Articles of Incorporation, Vcorp Services can get your business off the ground.
About Vcorp Services LLC
Vcorp Services assists in the creation of new businesses and helps maintain existing businesses in
all 50 states. Quick, accurate and at the lowest rates, Vcorp's knowledgeable and experienced staff
has helped form thousands of new businesses including: LLCs, S-Corporations, C-Corporations,
Partnerships, Non-Profits and Professional Corporations. Vcorp works with entrepreneurs, legal and
tax professionals, as well as real estate experts to set up and maintain businesses across the
country. Vcorp also specializes in helping small businesses to get started, grow and remain in
compliance with federal and state regulations.