How to Change Your Business Structure | business.com

July 3, 2020July 1, 2020 ~ knjohn ~ Leave a comment

Is your original business structure no longer a good fit for your company? Change it.

The business structure for your company is one of the most important decisions you’ll ever make. However, you can change the structure at any time.

Most owners review liability protections and tax advantages as part of choosing the right business structure.

Common business structures include corporations, partnerships, sole proprietorships, cooperatives and limited liability companies.

Your business structure is the backbone of your company. It dictates your control, liability, and taxes and sets the pace for your entrepreneurial journey. However, the first structure you choose doesn’t have to be permanent.

LLC vs. S-Corporation: What’s Better for Your Business? | Business News Daily

December 6, 2019December 5, 2019 ~ knjohn ~ Leave a comment

The business structure you choose dictates your path to commercial success, but choosing the right entity requires extensive research and personal reflection. Each structure has its own set of guidelines, benefits and drawbacks.

How do you know if you should set your business up as a limited liability company (LLC) or an S-corp? We spoke with accountants and business advisors to get their take.

3 Trigger Events That Could Make Your Current Business Structure Obsolete | Entrepreneur

May 1, 2017April 30, 2017 ~ knjohn ~ Leave a comment

Over the course of running your business from day to day, I’d imagine that examining the merits of your company’s business-entity structure rarely makes it to the top of your to-do list. And yet, the truth is your business’ legal structure can weigh pretty heavily on your financial future. It can affect everything from liability issues to tax bills and even financing opportunities.

If you suspect your current structure isn’t meeting your needs, you owe it to yourself to look into the options. And if you’re reading this, you’ve probably already chosen a business structure at least once in your life. Even so, it’s worth reviewing the five primary structures before we dig into why you might want to change things up.

Time to Incorporate? | Getentrepreneurial.com

July 27, 2012 ~ lmehit ~ Leave a comment

January 2005 was a turning point in my business. It was the month I incorporated my business.

Before then, I had operated as a sole proprietor. I started my business in 1998 as a freelance copywriter.

However, in 2003 I started getting that restless feeling. I knew I was destined for bigger and better things. I started researching how to take my freelance copywriting business to the next level. And part of that research included me looking into how my business was structured.

Even though my local CPA thought it was a waste of time and money for me to incorporate, the rest of my research told me otherwise, so I went ahead with it.

That was the year I finally broke 6 figures. Once I did that I never looked back.

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