Business Structure

Business Structure

The structure of your business is important in order to address legal, regulatory, and accounting considerations. A simple business structure in the beginning may become a difficult issue as you grow, especially when crossing county and state lines. It is highly recommended to seek legal advice when determining your business structure. Also prudent is to look to accounting expertise to assist with accounting and tax related issues. Following is a list of items (not inclusive) to consider when structuring your business:

  • Name of Business and is the name available
  • Licenses and Permits
  • Resale licenses and Sales tax
  • Tax ID and EIN (Employer Identification Number)
  • Form of Business (sole proprietor, partnership, corporation, LLC, LLP)
  • Financial Accounting
  • Tax Accounting

Seeking professional assistance may appear to be time consuming and costly up front, but it will be time and cost saving as your business grows.