Are You Planning On Starting A Business?

Are You Planning On Starting A Business?

by Jason M. Goloboy, CPA

Have you decided how your business should be formed?Has your professional advisor discussed the ramifications with you of being the only owner?You can operate as a sole proprietor which does not provide you any liability protection, or as a corporation (the differences between a “C” or an “S” corporation should be addressed).If there will be more than one owner, then you can utilize the following as a guide to your entity choice.You should note differences between flow-through types of entities (only one level of taxation), and the “C” corporation (which incurs and pays its own tax). More…