Running a business is not simply hanging an "Open" sign in the door. You need a strong team of advisors and financial professionals to help you run a successful business. The two most important members on your team will be your accountant and your attorney. While your accountant will help with the bookkeeping and tax reporting, your attorney can help you with a broader range of services.
You put everything you had into starting your business. You finished your degree then worked two jobs for years to save up enough money to open that café in SoHo. You sunk every dime into it and took out loan after loan to get through those first few years.
Starting a new business can be exciting but frustrating. You'll be swamped with myriad tasks as you begin a life of entrepreneurship. In order to be successful, you should follow some basic steps to help keep you on track and safeguard your business. Neglecting certain requirements can lead to major financial and legal problems.
One of the most popular business structures for small to medium sized businesses is the Limited Liability Company (LLC). This business structure is popular for many reasons, chief among them the flexibility the business has to define their own rules regarding operations, and each member's financial and managerial rights and responsibilities.
Choosing a structure for your business can be challenging. The entity you choose will dictate things like tax treatment and bookkeeping for years to come. Below is a brief description of various entity options; however, it is always best to contact an attorney for advice.