Me and You and Us: Deciphering Business Structures
Business structures are tough to determine especially for those newbies out there. For example, if you’re a handyman going it alone and bring your son-in-law aboard as an employee, should you make it a partnership or stick to being a sole proprietor?
Can you form a one-person limited liability company (LLC) and is there any advantage over a Subchapter S Corporation over a LLC or C Corp? Beyond that, there are certain regulations for each type of business structure and it you don’t understand what they are, you could be forming the wrong entity only to find out you don’t qualify.
Take the guesswork out of how to structure your business with this easy guide. However, before we compare one versus another, let’s take an in-depth look into each entity.