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Start-up Options

When starting a home-based business, one of the first decisions to make is your legal structure. Now that you are going to open a home business, it is time to decide if you are going to be a sole proprietorship, partnership, or corporation.

Why should you incorporate? There are two important reasons to incorporate your business: the first is for protection against liability, and the second is taxes. Personal liability means that you are personally responsible for any debts or lawsuits involving your company. Your legal structure will determine how many taxes you will have and the schedule for payments. If you are not certain which legal structure is the right one, be wise and consult with an accountant or a lawyer for advice.


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