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Accounting All-in-One For Dummies
book

Accounting All-in-One For Dummies

by Ken Boyd, Lita Epstein, Mark P. Holtzman, Frimette Kass-shraibman, Maire Loughran, Vijay S. Sampath, John A. Tracy, Tage C. Tracy, Jill Gilbert Welytok
March 2014
Beginner to intermediate
744 pages
18h 7m
English
For Dummies
Content preview from Accounting All-in-One For Dummies

Chapter 2

Choosing a Legal Structure for a Business

In This Chapter

arrow Partnering with others in business

arrow Gaining legal protections with an LLC

arrow Looking out for number one in a sole proprietorship

arrow Considering the tax ramifications of your choices

Forming a business can be easy as pie or extremely complicated, depending on the type of business entity being created. If you're flying solo, you're a business unto yourself and really don't need to do anything to establish yourself as a sole proprietorship. Unless you say otherwise, the IRS considers your business a sole proprietorship. With a little extra effort, you can establish your business as a partnership, to share duties and profits among owners, or create a limited liability company (LLC) to provide your business with some extra legal protection. With a little more effort, and a lot more paperwork, you can establish your business as a full-fledged corporation.

This chapter presents the ABCs of the three types of business entities: partnerships, LLCs, and corporations. First, you get a brief overview of sole proprietorships and partnerships. ...

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Publisher Resources

ISBN: 9781118813652Purchase book