One of the questions that women frequently ask me about starting their own businesses is:
How do I set up the legal side of my business?
This is an important question because the business structure you choose can have a big impact on:
- Whether your personal assets are at risk if your business is sued
- Your tax rate for your personal and business income
When I went through this process over three years ago, I did some online research, called the IRS and Secretary of State, and ended up working with a lawyer. I got everything figured out for my S-Corporation, but it took a great deal of time. There were so many questions to ask to make sure I didn’t miss anything.
Fortunately for all of you starting a business right now, there’s a much simpler and comprehensive resource: BizFilings.com
I really like this Web site because it contains:
- A Learning Center about the different types of legal structures
- Step-by-Step Information on the process for forming these entities
- Multiple Programs that include compliance reminders
I recommend that you check out BizFilings.com to get a sense of what legal structure might work best for you and if you want further reading, I’ve listed some other helpful Web sites below.
Have a brilliant day!
If you’re struggling to get your business off the ground, check out www.ScheduleMakeover.com or contact me at esaunders@RealLifeE.com. I can help you develop a schedule for moving forward on your dreams of business ownership.
Elizabeth Grace Saunders is a time coach and trainer who empowers women in business to build businesses and achieve work/life brilliance™ through her exclusive Schedule Makeover™ process. Inc magazine, NBC, and The Chicago Tribune are just a few of the places where Elizabeth has appeared, and she’s happy to offer you tips on savvy scheduling and time management for work/life balance and business development.
More Resources on Business Legal Structures: