Selection of a legal structure
One of the most important but very necessary decisions that has to be made at the start of a small business venture is the creation of a legal entity. Choices are many, including sole proprietorships, partnerships, LLC’s and corporations.
The selection is important. You are making a major business decision which will have an impact on your ability to raise capital, defend your rights, tax ramifications as well as the overall management of your company.
With your foundation firmly in place, your next step is to hire an attorney and to share your vision.
Even though this is an expense just like your visit with a CPA, you are making sure that these early decisions you make for your business will not be the wrong ones.
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