From the course: Running a Web Design Business: Defining Your Business Structure
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Understanding your business-structure options
From the course: Running a Web Design Business: Defining Your Business Structure
Understanding your business-structure options
One of the most intimidating decisions when beginning a business, is to decide what type of business structure you want to establish. Since each business structure has different legal and tax requirements, it's important to understand the various advantages and disadvantages, so you can choose the business type that best fits your individual needs and goals. The most common business types are, sole proprietorships, general partnerships, C corporations, S corporations, and limited liability companies, also known as LLCs. Regardless of the business structure that you choose, it's important to understand that you will break the law if you run a business without the federal, state and city laws and regulations. So, to avoid fees and legal penalties, you need to be aware of the legal and tax requirements of your business structure. In the rest of this chapter, we'll explore the advantages and disadvantages of each business type. Let's get started.
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Contents
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Understanding your business-structure options1m 8s
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Sole proprietorship: Advantages and disadvantages2m 48s
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Partnerships: Advantages and disadvantages3m 24s
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C corporation: Advantages and disadvantages4m 54s
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S corporation: Advantages and disadvantages2m 19s
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LLC: Advantages and disadvantages4m 12s
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Choosing your business structure using five key questions4m 21s
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