But the first thing you should do is choose a legal structure for your new enterprise. There’s no ‘one size fits all’ solution because there are many variable factors involved. We think these are the three major areas you first need to consider as a business owner:
- How much tax will the business pay based on the forecast profits?
- How much personal liability is the owner willing to take in the event that the business experiences financial difficulties?
- How much information must be disclosed on the public domain?
There are other factors. Things like the image you’d like your business project in the market. Whether there’s more than person is involved in the business. And if the business is likely to operate for the short or long term.