Once you have your great idea or decided that you want to go out on your own, you have to decide what type of organization you want to be. S Corporation? C Corporation? Limited Liability Company? Sole Proprietorship? There is no single right answer to this question but there are lots of resources out there to help. The idea behind a corporation or LLC is that it can provide you some legal protection for your personal assets in the event that something goes wrong in the business and someone sues you. You can get advice on what is right for you from an attorney or accountant, or do some of your own research on the web. There are also several online companies that can help you setup your new company without paying a lot legal fees such as the Incorporate.com and LegalZoom. This can be an important decision from a legal and tax standpoint so be sure to do your homework to get yourself setup with the right foundation.
Michael Giuffrida from Southington CT has been operating businesses since 1997. He is an experienced entrepreneur in business management, profitable growth, business valuation, mergers and acquisitions, and information technology managed services.
Thanks for the info on this critical decision point for any business. It’s important to understand the differences between various company structures and to determine which will protect you and your company the best.