Читать книгу Start & Run a Graphic Design Business - Michael Huggins - Страница 47

One of your first tasks will be to decide what structure you will choose to operate your business. Chapters 2 and 3 discussed some of the pros and cons of working solo and in a partnership. This chapter will cover more details of the legalities of these business structures as well as discussing your other options — limited liability company (LLC) and corporation.

In the US and Canada the business structures are slightly different. For example, in the US you have the choice of sole proprietorship, partnership, limited liability company (LLC), corporation (C corporation), or an S corporation (Inc.). In Canada, you have the option of creating a sole proprietorship, partnership, or incorporating your business. These business structures are outlined in general terms in this chapter to provide you with a broad concept of your choices. To understand these business structures, it is a good idea to read specialized books about legal business structures to help you decide which structure is best suited to your business.

It’s important to consider which business structure works best for you because things such as legal obligations, taxes (and the way you pay them), and your ability to build financial equity are all affected by the business structure you select. It’s important to note here that there is no right or wrong answer to which structure works best or which you should choose.

It’s best to get some counsel from your accountant before you choose a business structure. Tell him or her your vision for the company and the type of lifestyle you want in your business. Your accountant can help you make the best choice for what works best for you at this moment. Don’t worry about being locked into your decision either. If at a later date you want to change your business structure, you can. The following sections give you more information on different business structures.