The decision to launch a new commercial enterprise involves much more than choosing which products and services to sell or where to establish operations.
Choosing the right business structure, the legal framework through which your company operates, can have a serious effect on your potential for tax profits and obligations in the coming years. It also often requires help with taxes for small businesses.
Below is an explanation of some of the most prevalent structures for small businesses. In this video, I delve into a uniquely owned business structure, since it is often considered the most basic type of commercial structure.
Be sure to talk with your small business tax accountant about the various options, and decide which one will best meet your needs in the years to come.
Video credits to Metropolitan Business League MBL YouTube channel