This Video Will Show You How to Start Your Own Business.
If you decide to start your own business , you have to take a number of important decisions, for example, to choose the right legal structure for your business. This video will help you decide which option is best for you – LLC, C-Corp, S-Corp or Sole Proprietorship.
If you are planning to work for yourself as a freelancer, you can immediately start the process for the LLC (limited liability company). However, as Mark Kohler points out in the video, this may not be the best choice as you end up paying more taxes. There are many things you need to think about when starting your own business, and one of the first questions is how you will legally classify your business. Your main options are:
- LLC: Combines the taxation of partnerships or sole proprietorships with corporate liabilities.
- Sole proprietorship : a business run by one individual.
- C-Corporation: often includes shareholders
- S-Corporation: classification for avoiding double taxation (for corporations and shareholders)
Watch the full video to learn about the pros and cons of each option. For more tips on starting your own business, also check out our FAQ on this topic .
How To Choose The Right Business Structure | Entrepreneur (YouTube)