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GuruGrounds - GuruGrounds.com – How to Start and Market an Online Business

GuruGrounds - GuruGrounds.com – How to Start and Market an Online Business

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Published by: bored2read on May 10, 2011
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05/12/2014

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Ultimatelyyou’lljustwantthestructurethat’sbestforyounowandif

requiredchangeatalatertime.Mostbusinessstartoutaseitherapropri-

etorshipbutdownthelinesomeoneelsemayjoinyouandyoucan

switchtoapartnership.Ifyouneednewownersforinvestmentreasons

you can look at incorporating.

Ifyourbusinessgetsbigenoughyoumaywanttoswitchtoacorpora-

tiontoavoidtheselfemploymenttaxes(changingfromaproprietorship

or partnership to a corporation is much easier than vice versa).

Acorporationhasmanyownersandmanylegalrequirements.Ifyou

decidetoswitchitbacktoapartnershiporproprietorshipyou’llhaveto

gothroughalotofwork.Youmustgothroughmanyprocedurestoleg-

ally dissolve the corporation before changing its legal structure.

TheSBAwebsiteoffersinstructionsforthosewantingtochangetheir

business legal structure:

•www.sba.gov/smallbusinessplanner/exit

Consultatrustedbusinessadvisorbeforechangingthelegalstructure

of your business.

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