Suddenly, what was simple becomes complex. Depending on where you do business, it may be difficult to change your structure down the road. How you register your business impacts your personal liability and tax credits. Your business structure affects the taxes you pay and the paperwork you need to file. But it’s important to get these things right from the start. If you’re not sure how to answer these questions, you’re not alone. Of course, that simple definition raises a number of questions:ĭo you have to register a business if you’re self-employed? What does registering a business mean? Do you have to pick a business structure-like an LLC or a corporation? What about state and federal laws? And, how should you manage taxes and liabilities? If you engage in any activity with the goal to earn a profit, you have a business. Whether you’re starting a new business or running an established organization, the definition of “a business” in the US is surprisingly simple: one or more people engaged in some activity to earn a profit.
0 Comments
Leave a Reply. |