Corporate Structures: What’s Best for You and Your Business
When I started my business ten years ago I simply paid $35.00 to file my DBA with the county and I was off and running. A few years later I discovered that this structure was not the best structure for me or for the business from a legal standpoint.
As a DBA or sole proprietor I would be held personally responsible for any mistakes made by the business and I would be held personally responsible for the debts of the business. It was not my intention to make mistakes or not pay the bills but as we all know things happen in business. I wanted to be sure that my home, bank accounts and assets would be safe in the event my business suffered a loss or law suit. I spoke with my attorney and accountant and determined that forming a Limited Liability Company or LLC was best for my needs. Today I rest much easier knowing that I am protected.
We all have different financial and legal issues that can arise with our businesses so choosing the right structure is important to you both personally and professionally. Speaking with your attorney and accountant could save you years of anguish and financial loss. Here is a link
to a wonderful web page that explains the different corporate structures. It will help you decide which structure is most advantageous for you and your business. It will give you a place to start before meeting with your attorney and accountant.
About the author: Jan Conte is the President of Your Collection Solution, LLC, a debt collection agency out of Newtown, Pennsylvania. She has over twenty years experience in the debt collection industry. You can find more of her articles at www.yourcollectionsolution.com/blog/.