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Which Business Structure Is Best For You?

The type of business structure you organizepartners responsibilities (silent, working,
for your new enterprise is greatly determinedsales, marketing, production, etc.), and an
by your personality, realities, needs andagreed split of income, profits and harvest,
experience. Millions of people in the Unitedas well as liabilities and losses.I like, and
States never enter into any type of formaloften recommend, a partnership for young
business structure. This includes the bulk ofentrepreneurs with limited, narrow
the black or underground economy.It isexperience. Operations experience often does
estimated that the underground economynot translate to sales and marketing for
consists of about 10% of all commercialinstance. The only imperative is that there
activity in the United States. This includesare no surprises after the enterprise
legal and illegal activities. A kid cuttingsucceeds, or fails. This when a cloudy
your grass for $20 is technically workingdivision of liabilities or profits often
black. The handyman that repairs your patiobecomes problematic.Limited Liability
for cash might be working black. Drug dealersCorporation (LLC)Again, there are "do it
are definitely kingpins of the undergroundyourself" methods of creating LLC's. Use an
economy.Entrepreneurs should not want to workattorney. I am no friend or fan of the legal
black, but should seek to be totallyprofession. I am not a lawyer, either. I just
transparent for many reasons. The reason aknow from experience that this is difficult:
person typically seeks to become anand often a contentious area of law that
entrepreneur is to maximize the opportunityrequires expertise.An LLC limits the owner's
our capitalist system offers each personexposure to some losses. The LLC also enables
willing to try. This means playing by thethe owner to treat income beneficially for
rules, competing and pursuing successtax purposes. Professional legal and
utilizing every available legal tool. Theaccounting assistance is really important in
opportunity to sell a successfulestablishing the LLC in a proper legal
entrepreneurial business is almost zeroformat.CorporationThe Corporation offers the
without complete books, records and taxmost comprehensive protection for the owners.
returns, typically details that undergroundLosses accrue to the Corporation, in most
business works hard to avoid.I recommend anycases. The Corporation assumes the role of a
new entrepreneur seek consultation with anperson, even though abstract. A Corporation
attorney familiar with the laws andrequires the filing of Articles of
regulations of the state, county, city orIncorporation in a state. Consult an attorney
township of your residence. Even if you arefor advice on which state to file this
planning to run your enterprise as a soledocument. Nevada offers secrecy. Delaware is
proprietorship, there are local zoning laws,most popular for large corporations. Each
restrictions on business activity, publicstate has different fees and requirements.
announcement requirements, DBA (DoingGet good help!The Incorporation requires a
Business As), fictitious name ordinances,fair amount of housekeeping. This includes
etc. Do not try to avoid the pesky forms andappointing a board of directors, keeping
filings required in most localities. Ifmeeting minutes, issuance of stock, etc. Many
compliance is a hurdle for you, then successstartups convert to corporate status after
prospects for you as an entrepreneur areachieving some amount of success.There are
probably slim.Your investment in the attorneyother intricate options, trusts and arcane
consultation will pay for itself. You can gostructures available. However, for 99.9% of
online, or visit the business section of theall entrepreneurs the four discussed here
local bookstore and find just enoughoffer the best vehicles for properly
information to get yourself in trouble instructuring a new business. Approach each
these areas. Occasionally, I meet anwith the goal of maximizing your income and
entrepreneur that did not consultminimizing your time commitment to
professionals, and has everything in order.housekeeping the entity you choose. Remember:
This is very rare. More often, I meetin order to be successful as an entrepreneur
shortsighted dreamers trying to cut a cornerwill require every scintilla of your thought,
and save a few dollars. Professional helpwork and creativity to be concentrated on
will save you time, money and mistakes.Hereyour project.Geoff Ficke has been a serial
are the most common business structures thatentrepreneur for almost 50 years. As a small
entrepreneurs have access to when formalizingboy, earning his spending money doing odd
their new venture.Sole ProprietorshipThis isjobs in the neighborhood, he learned the
the most commonly utilized structure for new,value of selling himself, offering service
small, startup business ventures.and value for money.After putting himself
Essentially, the proprietor, you, thethrough the University of Kentucky (B.A.
entrepreneur, announces that you are workingBroadcast Journalism, 1969) and serving in
alone. The sole proprietor accounts for allthe United States Marine Corp, Mr. Ficke
income from sales as personal income and iscommenced a career in the cosmetic industry.
responsible for all debts incurred by theAfter rising to National Sales Manager for
enterprise. Personal and business funds areVidal Sassoon Hair Care at age 28, he then
often commingled in this structure and needlaunched a number of ventures, including
to be identifiable for tax purposes. There isRubigo Cosmetics, Parfums Pierre Wulff Paris,
no formal corporate entity, but you mustLe Bain Couture and Fashion Fragrance.Mr.
adhere to all local laws and statutes. AFicke and his consulting firm, Duquesa
Federal Identification Number is not neededMarketing, Inc. ( has assisted businesses
(use Social Security Number) when filinglarge and small, domestic and international,
taxes.PartnershipWhen two or more peopleentrepreneurs, inventors and students in new
decide to enter a partnership, they basicallyproduct development, capital formation,
agree to enter a form of marriage. We alllicensing, marketing, sales and business
know that marriages can get messy. Partnersplans and successful implementation of his
must minimize any possibility for a messycustomized strategies. He is a Senior Fellow
divorce by creating a partnership agreementat the Page Center for Entrepreneurial
that details what each partner brings to theStudies, Business School, Miami University,
opportunity (investment, sweat equity,Oxford, Ohio.
intellectual property, etc.). Also, the