Launching your own business is no easy task. You need to have a business plan, pick a location, and find a way to finance your new endeavor.
Somewhere in there, you need to pick a business entity, another way for saying that you need to determine the legal structure of your operation. It’s a key step for ensuring the stability of a business.
There are a few options business owners can choose, including a sole proprietorship, general proprietorship, corporation and LLC.
Let’s take a look at what’s involved in each option, and their advantages and drawbacks:
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