Set Your New Small or Home Business Up Right Profitally and Legally
A sole proprietorship is when one person operates and owns a business and it is not incorporated. This form of business is how many enterprises get their start. One person goes out and offers his or her services, or this one person makes some kind of product which is sold to the public. This is the simplest type of business in terms of the paperwork involved in getting started, and simple in terms of having only yourself to deal with rather than a host of employees or a board of directors.
There are several forms that a for-profit corporation can take. Sometimes a small business will choose to become a LLC, or limited liability company. This type of incorporation can protect your personal assets in the event of bankruptcy, and it provides a somewhat easier and less expensive form of incorporation than some of the others available. LLC owners are called members, which can consist of one person or many.
A C Corporation is legally a separate entity from its owners. Shareholders own it because they have exchanged money and/or property for the C Corporation's stock. You can tax or sue it, and you can create a contract with it. You have to file articles of incorporation with the government and pay a fee. A board of directors will make the decisions for the business and the policies it will abide by, called bylaws www.corporate.com. You can sell a corporation to new shareholders, if you choose, and it will continue to exist as an entity. This type of corporation will also protect your personal assets in a bankruptcy, and corporations can also take special tax deductions. In addition, you can sell stock in a corporation.
An S Corporation offers the advantage of being exempt from federal income tax in certain situations. This means that each of the owners, or shareholders, which in this case have to be natural human beings and not other corporations, report the income, deduction, loss and credit on their own personal tax return in proportion to their interest in the business. It offers the advantage of protection of personal assets if the business falls into bankruptcy.
Depending on the purpose of the new business you are planning to start, you might find that it would be to your benefit to form a non-profit corporation. By forming a non-profit corporation, one type of which is a 501(c)(3), the advantages are that you may become exempt from some taxes, and your personal property would not be at risk in the event of bankruptcy of the business. Individuals cannot become a non-profit corporation, only groups. The Internal Revenue Service can tell you if the business you want to form will qualify as a non-profit, at http://irs.gov/charities/index.html The other great news is that non-profits are eligible for many more grants than are for-profit corporations, so if you are looking to procure grant money, you will want to consider the non-profit business form and see if your business will fit into that format.
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