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Accounting All-in-One For Dummies, with Online Practice, 2nd Edition
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Accounting All-in-One For Dummies, with Online Practice, 2nd Edition

by Joseph Kraynak
April 2018
Beginner content levelBeginner
768 pages
20h 9m
English
For Dummies
Content preview from Accounting All-in-One For Dummies, with Online Practice, 2nd Edition

Chapter 2

Choosing a Legal Structure for a Business

IN THIS CHAPTER

check Partnering with others in business

check Gaining legal protections with an LLC

check Looking out for number one in a sole proprietorship

check 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: 9781119453895Purchase book