Types Of Business Incorporations
Thinking about starting your own business at the Lake of the Ozarks ? Congratulations - that's a big step! There are a lot of things to consider as you get your new startup off the ground. One thing to think about is the manner in which you want to form your business entity. There are a couple of different types of entities, and they each come with their own pros and cons. Here is a quick look at a few your options. Sole Proprietorship Sole proprietorships are possibly the simplest form of business corporation. Sole proprietorships have only one owner, and businesses will automatically be categorized as sole proprietorships until the owner selects otherwise. PROS Allows for easier taxes (only one tax return is required for business and personal) Allows for lighter paperwork As the sole owner, he/she is free to make all key decisions and adjust as quickly as desired CONS Owners are personally liable for all of the business debts and obligations The bu...