Business Types 101

Starting a business involves understanding of the categories to register the business name. For example, S Corp or a Non-Profit having the knowledge of your business needs is vital to establishing business goals. This episode breaks down each category to fit your business startup needs. After choosing a business name for your new company, you will want to register it to prevent others from using it. There are several ways to accomplish this. Determining the best way to register a business name will take into consideration several factors, such as the business structure, the geographical area in which the company will operate, and the extent of protection needed. Sole Prop This is the business structure that I currently use in my business model! Better if you need an easy set-up No paperwork to start; you may still need a DBA or business licenses to operate legally One owner max You're personally on the hook for business liabilities Taxed once—you pay on profits in your personal tax return Less hassle; separate tax return not needed No personal liability