Thinking of owning your own business?
Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever.
When a small business owner decides they want to incorporate, they often struggle to decide what type of incorporation to choose. While it can all be pretty overwhelming in the beginning, we hope to lay out the advantages and disadvantages of starting an LLC or a corporation, whether or not to classify it as an S Corp or C Corp, and give you a better idea of which one would be best for your business.
Business goals aren't one size fits all and neither is incorporating. When deciding which kind of corporation fits your business strategy, consider some of the different benefits that each kind offers. And take a deeper dive with the comparison.
"Incorporating a business is defined as the legal separation of a business entity from its owner. This new business 'person' is completely independent, meaning that even if something happens or changes take place with owners or administrators, the business will keep running and functioning as normal and without having to also change."
To determine which business entity will serve your new business best you need to start process of choosing between a sole proprietorship, a general partnership, a limited partnership, a limited liability partnership, a c corporation, an s corporation, and a limited liability company (LLC) involves much more than one would at first think.