Before you take another step, one of the first things you have to do is decide on what business structure you want for your new business. The FREE Business Structure Wizard at CorpNet can help you decide based on your business goals and the tax benefits you want to take advantage of.
Determining the Business Structure
More importantly than tax benefits, depending on what type of business you are starting, you want to protect yourself and your family from liability. Using the Business Structure Wizard will help you make that decision, which includes legal factors, tax benefits, reporting and business structure.
Sole Proprietorship is usually the cheapest when it comes to paying to have your business taxes completed. Sole Proprietorship includes your business income and expenses right on to your Form 1040 using a Schedule C.
You can use the FREE Business Structure Wizard to determine the best business structure.
The Business Structure Wizard guides users through a series of basic questions on their business, industry, finances, and long-term plans. The entire wizard should take approximately 5 minutes or less to complete and provides a recommended company structure based on the user's responses.
The wizard includes the following recommended business structures based on the user's responses: LLC (Limited Liability Company), C Corporation, S Corporation, Sole Proprietorship, Partnership, LLP (Limited Liability Partnership), and Non Profit Corporation. Help text provides additional details and explains the significance of each question. In addition, you can find helpful resources on each business structure, and if you'd like CorpNet.com can file and form the recommended business structure for you.
This is not something you want to take lightly. The business structure you select can affect your business in so many ways and is the determining factor in how you will report your business income and expenses to the IRS for the life of the business. Use the FREE Business Structure Wizard to determine the best business structure for your business.
