O'Donnell Law Center : Lake of the Ozarks

There are few things as exciting (and terrifying) as taking the plunge and opening your own business. L imited only by your imagination and determination, you'll  face endless possibilities as an entrepreneur. Of course, in order to become a successful entrepreneur, you must be adept in more areas than just your chosen field - you must also be able to handle the business, financial, and legal responsibilities associated with running a company. Our business attorney at the Lake of the Ozarks is here to help you succeed by offering these quick tips to anyone dreaming of starting a business in Missouri . 1. Choose A Field You Are Passionate About. Building a business from the ground up requires an immense amount of time, energy, and effort. If you aren't passionate about the industry or the cause you have chosen, you may burn out quickly. Before embarking on the adventure of building a new business, make sure you are honest with yourself regarding whether or not your chos...

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...