CHAPTER2

Selecting Your Business Structure

In This Chapter

  • Deciding on a business structure
  • Dealing with money
  • Cash versus accrual basis accounting
  • The importance of a tax ID number
  • Crafting a business plan

Every business initially started out as an idea. From your local coffee shop to the “too-big-to-fail” Wall Street financial institutions, at some point, someone had the idea to launch that business. Just as everyone’s life follows a different trajectory, every business follows a different path. Because a business is much more complicated, it needs some sort of structure.

When you see a flourishing business, you think about the product or ...

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