SEPTEMBER 28TH 6PM EST – 9PM EST
00
DAYS
00
HOURS
00
MINS
00
SECS
This is one of the most important courses you can take before starting a business and if you HELP your clients start businesses!
Whether you are the one starting a new business or re-evaluating your current business circumstances, you may want or need a “business entity” that is separate from you in the eyes of the law.
The type of structure you choose for your business can be critical to the successful management and growth of your business and can also have important tax implications.
If you’re starting a new business, you have to decide which legal form of ownership is best for you and your business!
➤ Do you want to own the business yourself and operate as a sole proprietorship?
➤ Or, do you want to share ownership, operating as a partnership or a corporation?
We know that a lot of business owners DO NOT know this information so we have put together a training that will address some of the questions that you probably need to ask yourself in choosing the appropriate legal form for your business.
Questions such as:
1) In setting up your business, do you want to minimize the costs of getting started? Do you hope to avoid complex government regulations and reporting requirements?
2) How much control would you like? How much responsibility for running the business are you willing to share? What about sharing the profits?
3) Do you want to avoid special taxes?
4) Do you have all the skills needed to run the business?
5) Are you likely to get along with your co-owners over an extended period of time?
6) Is it important to you that the business survive you?
7) What are your financing needs and how do you plan to finance your company?
8) How much personal exposure to liability are you willing to accept? Do you feel uneasy about accepting personal liability for the actions of fellow owners?
No single form of ownership will give you everything you desire.
You’ll have to make some trade-offs.
Because each option has both advantages and disadvantages, your job is to decide which one offers the features that are most important to you.
By the end of this training, you will be able to compare some common ownership options (sole proprietorship, LLC, partnership, corporations) based upon these eight questions.
Upon Completion of this Training, you will be able to
➤ Identify the questions to ask in choosing the appropriate form of ownership for a business.
➤ Describe the sole proprietorship and partnership forms of organization, and specify the advantages and disadvantages.
➤ Identify the different types of partnerships, and explain the importance of a partnership agreement.
➤ Explain how corporations are formed and how they operate.
➤ Discuss the advantages and disadvantages of the corporate form of ownership.