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Selecting a Business Structure

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Selecting a Business Structure

Each year, thousands of businesses are started in this country by entrepreneurs with visions of success. Unfortunately, as enthusiastic and determined as they are, many give little or no thought to the business structure that is best for them and their situation. This is a serious mistake since the type of business you select can introduce several important factors into your plans.

What follows is a brief description of the different types of business structure available as well as a short description of their advantages and disadvantages. For more help in determining which form of business is best for you, contact a lawyer or a tax adviser who specializes in small businesses.

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Should You Incorporate? Tax Advantages of being an "S" Corp

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Should You Incorporate? Tax Advantages of being an “S” Corp

First of all, CONGRATULATIONS and WELCOME to the Business World!  So you need to decide which business entity is right for your business.  There are five basic business structures……Sole Proprietorship, Limited Liability Company, Cooperative, C Corporation, Partnership, and the “S” Corp which we will cover here. Should you incorporate?  Let’s look at an S Corp’s definition and tax advantages.

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