How Do You Go into Business?

Once you have decided to go into business, there are multitudes of details that must be handled. What you do at the "birth" of your business will have a definite effect on its future, and may mean the difference between success and failure. It is essential that you work closely with your professionals. If you are not prepared to pay their fees, you should not go into business.

  1. Sole Proprietorship
  2. Corporation
  3. Partnership
  4. Tax Information

You are the only one involved in the business. You will be completely liable for any losses. The results of your business activity are reported on your personal tax returns on Schedule C. Most small business ventures start as a proprietorship. This form incurs the lowest legal and accounting costs. Additionally, the record-keeping requirements are relatively simple.