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IN THIS CHAPTER

Understanding why many businesses go “solo”

Assessing the incorporation decision

Surveying S corporations, partnerships, and limited liability companies

Recognizing the value of employee benefits

As a small business owner, you face many important decisions. This chapter deals with two big ones that come up in the early days, months, and years of your venture.

 First is the type of business entity you’ll operate under — sole proprietor, C or S corporation, limited liability company (LLC), and so on. This decision impacts the liability exposure you have, tax-reporting requirements, and income taxes you and your business will owe.

 The second is the benefits your business may consider for yourself and any employees.